Michele Cheng

Take Full Advantage Of These Tax Deductions Owning a home can be very lucrative. Seriously, owning a home can not only give you a cheaper monthly payment than renting but in many cases, the tax benefits make the decision a no-brainer. Interest you pay on your mortgage: If you own a home and don’t have a mortgage greater than $750,000, you can deduct the interest you pay on the loan. This is one of the biggest benefits to owning a home versus rentingas you could get massive ...deductions at tax time. The limit used to be $1 million, but the Tax Cuts and Jobs Act of 2017 (TCJA) reduced the limit and made some clarifications on deducting interest from a home equity line of credit. Property taxes: Another awesome benefit to owning a home is the ability to deduct your property taxes. Before TCJA, the rules were a little more flexible and you were able to deduct the entirety of your property taxes. Now things have a changed a bit. Under the new law, you can deduct up to $10,000. The deduction for state and local income taxes was combined with the deduction for state and local property taxes, too.

Come check out my open house... Sat 1-2:30pm and Sun 1-3pm. Pls message me if you have question

Who looking to buy in Manhattan....LOW Maintenance Close to everything. Message me for more information

Come check out my brand new One bedroom condo with a private patio.....Call for more Information

Brand new 1 bedroom condo in Forest Hills coming soon

Coming soon to the market. One bedroom coop for sale in Rego Park