If you’re looking to buy a Streeterville condo or house, you may be wondering how it will affect your taxes. While property taxes might send your total tax payments up, there are a number of steps you can take to offset the increase.
Mortgage interest is fully tax deductible on all loans valued at $1 million or less. For larger loans, you will be able to deduct interest on the first million.
Second homes are also eligible for the deduction as long as you actually reside in them. To keep the deduction, you’ll need to use the home for the greater of 14 days of the tax year or for at least 10 percent of the days that you rented it out.
Walk With the Property Tax Assessor
Want to keep your property tax as low as possible? Walk your property with the property tax assessor while pretending that you’re their friend that doesn’t want them to buy Streeterville real estate. Point out defects like old appliances and roof problems to make sure your nice garden and fresh paint don’t inflate their valuation of your home.
Check for Tax Breaks on New Appliances
Each year, federal, state, and local governments offer tax breaks on new appliances to promote things like energy efficiency and reducing pollution. If a new appliance is already on your radar, keep an eye out for available tax credits.
Prashanth Pathy gives his expert opinion in Bankrate story “7 ways to know whether to remodel your home or sell it”
Related Realty broker Prashanth Pathy gives his expert opinion in Bankrate story “7 ways to know whether to remodel your home or sell it”. Click below to read the story! http://www.bankrate.com/finance/real-estate/remodel-home-or-move-3.aspx
Forget the extravagant bling of the 1980s and monochromatic spa look of more recent years. Home owners desire a more affordable, personal style, along with water and energy conservation. Related Realty broker & designer, Lauren Schreyer advises on the latest trends and what people are looking for. View the full article to see what she had to say.
Whether you’re going out of town for two days or a few weeks, there are things you can do to prepare your Chicago home for your absence and for your smooth return. Make sure your time away is worry-free and prepare your Chicago home with this vacation checklist! Prepare for Your Departure Ready your pets: Give the pet sitter or boarding facility detailed care instructions. Make sure the one you choose has plenty of your pet’s favorite foods, treats, toys, medicines and other supplies on hand. Clean out the fridge: […]