One of the biggest misconceptions of home buying? The 20% down payment. Here’s how to buy with a lot less down. Buying your first home conjures up all kinds of warm and fuzzy emotions: pride, joy, contentment. But before you get to the good stuff, you’ve got to cobble together a down payment, a daunting […]
5 Surprising (and Useful!) Ways to Save for a Down Payment Read More »
Ready or not, the tax man’s coming. Filing your taxes yourself may not be your idea of a fun night at home, but even so, it doesn’t really have to be that bad. Yes, even if you own a home. Even if you itemize your deductions. Even if you’re scared of making a mistake. We
How to DIY Your Taxes — and Not Miss a Single Deduction Read More »
The ultimate timeline ensures the smoothest of transitions to home ownership. A real yard. Closets bigger than your average microwave. The freedom to decorate however you darn well please! Making the switch from renting to owning is exhilarating, but many rookie homebuyers find the process trickier to navigate than they expected. This is why we
What to Do a Year Before Buying Your First Home Read More »
What Deductions Should I Itemize? Loan costs and fees Mortgage interest Property taxes Private mortgage insurance Not everyone who buys a home will end up itemizing and owing less in taxes, says Anna Berry Royack, an accountant who sees many first-time home buyer tax returns at her Liberty Tax office in Catonsville, Md. To find
Will My Taxes Look Different Now That I’m a Homeowner? Read More »
Writing Off Rental Home Expenses Many rental home expenses are tax deductible. Save receipts and any other documentation, and take the deductions on Schedule E. Figure you’ll spend four hours a week, on average, maintaining a rental property, including recordkeeping. In general, you can claim the deductions for the year in which you pay for these
Landlord & Rental Property Tax Deductions Read More »
Private mortgage insurance is unavoidable for some homeowners, but don’t pay PMI premiums a day longer than required by your lender. Private mortgage insurance provides protection to a lender in case you default on your home loan. Unless you make a 20% downpayment on a house, you’ll most likely be required to purchase PMI. PMI
When is the Right Time to Cancel Your Private Mortgage Insurance? Read More »
No one wants to think about government paperwork, especially when your hand still aches from signing the 977 forms required to buy your first house? But listen up: As a new homeowner, you can typically wave bye-bye to the 1040-EZ form and say hi to itemizing your deductions on Schedule A. That means you can combine
Tax Season: What New Homeowners Can Expect Read More »
