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Keith Kyle Realtor - Vista Sotheby's International Realty

Why Buy a Home Instead of Rent?

May 16, 2019 by Keith Kyle

Information for First Time Home Buyers

When you’re thinking about buying your first home, it’s essential for you to be confident in your decision to buy instead of rent. However, you may not know about the many great reasons to buy a home! Here are just a few of them:

Smart Investment
When you invest in a home, it offers the possibility for appreciation in value. The equity becomes yours when you’re still paying off your mortgage. You even get to live in it while your investment matures.

Tax Advantages
Since both mortgage interest and property taxes are tax deductible, homeownership can save you significant amounts of money every year.

Planned Housing Costs
You decide how much you spend on your home, including repairs and improvements. Unlike renters, homeowners with a fixed-rate loan can lock in their monthly housing costs.

Improvements to Your Taste
You can choose which improvements to make your own property, such as a deck, kitchen remodel, or new paint, instead of needing permission from your landlord.

If you have more questions about making the decision to buy a home, please feel free to call or email.  Back to the first time buyers tips and information page

View the current homes for sale in the South Bay or search by city, area or neighborhood

 

Filed Under: Capital Gains Tax, First Time Home Buyers, Homebuyers Tagged With: first time home buyers

2018 Tax Law Changes in California

April 22, 2019 by admin

We hope that the follwing information is helpful in giving you an idea of how tax laws have recently changed.

PREVIOUS LAW 2018 LAW
MORTGAGE INTEREST DEDUCTION Capped at $1M Capped at $750,000
STATE AND LOCAL TAX DEDUCTION Unlimited Deduction capped at $10,000 (income,
sales and property combined)
CAPITAL GAINS EXEMPTION ON SALE OF PRIMARY RESIDENCE Exclusion of up to $250,000 ($500,000
if married) of gain realized on sale or
exchange of principal residence if lived in
for 2 of the last 5 years
No change
1031 LIKE-KIND EXCHANGES Applied to all classes of property (e.g.
personal and real)
Limits non-recognition of gain to real
property
PERSONAL DEDUCTION Allowed Eliminated
STANDARD DEDUCTION $6,350 individual and $12,7000 if married $12,000 individual and $24,000 if married
MID FOR SECOND HOMES Capped at $750,000
HOME EQUITY LOAN DEDUCTION Capped at $100,000 Not deductible unless the proceeds are
used to substantially improve the property
MOVING EXPENSE EXCLUSION AND DEDUCTION Incurred in connection with change in work
place
Eliminated except for members of armed
forces on active duty that move pursuant
to military orders
CHILD TAX CREDIT $1,000 for each child $2,000 for each child
DEDUCTION FOR QUALIFIED BUSINESS INCOME OF PASS-THROUGH ENTITIES
INCLUDING
INDEPENDENT CONTRACTORS
None 20% deduction of taxable income phased
out above $157,000 ($315,000 if married)
for brokerage services
DEPRECIATION RECOVER PERIOD FOR REAL PROPERTY (RESIDENTIAL RENTAL) Recover period is 27.5 years No change
DEPRECIATION RECOVER PERIOD FOR REAL PROPERTY (NONRESIDENTIAL) Recover period is 39 years No change
DEPRECIATION RECOVER PERIOD FOR REAL PROPERTY (LEASEHOLD IMPROVEMENTS) Recover period is 15 years No change

Filed Under: Capital Gains Tax, Helpful real estate information, Tax Deductions, Taxes

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