We now have a JUMBO loan up to $1.5 million with as little at 3.5% down… This is the lowest down payment on a jumbo in the industry!

CALL ANYTIME

720-298-8084

A Guide To Homeowners Tax Deduction

Lingows Admin • Apr 05, 2021

A Guide To Homeowners Tax Deduction


Buying a home comes with a great feeling as the buyer starts a new chapter in life. Some buyers will see it as they’ve arrived but do not forget, homeownership is a huge financial responsibility and sometimes the biggest for some people will ever have. Apart from mortgage payments, you’ll need to run insurance, maintenance cost, property taxes, and others. The federal government clearly understands homeownership, and the tax law has created several ways a home ownership costs can cut your taxes.


Some home expenses can be deductible if handled the right way and if you itemize deductions. You should consider using schedule A for your itemization to claim your mortgage interest deduction and your mortgage must be secured by your first or second home. The said home to be qualified for tax deduction could be a house, boat or trailer, so far as you can cook in it, sleep in it and use it as a toilet.


Handling the property tax deduction:


  • Find your tax record: You can get this from your local taxing authority that will provide a copy of your home’s tax bill and you should as well consider scrutinizing registration paperwork on your car, boat, RV or other movable assets. Those might come with some property taxes and the portion based on the vehicle’s value is likely deductible.
  • Exclude unwanted stuff: A property tax can only be deducted if it’s assessed uniformly at a rate of similar properties in the neighborhood. This proceeds will be used to help the community not pay for your special services. There are sometimes assessments made by the county for improvements, such assessments are not deductible as they’re not classified as taxes.
  • Use schedule A when filing your return: This where you figure your deduction. This implies you’ll have to itemize your taxes instead of using the standard deduction. Itemizing will often take more time to do your taxes and you might just end up having a lower tax bill.
  • Make property tax deduction on yearly basis: There are two available ways you can pay your taxes, either you set aside a standard budget for monthly payments in an escrow account when the mortgage is paid or you just write a check once or twice when the bill comes. Don’t be fooled by the first system, taxes are only deductible when using the second system.


Keep in mind that you should contact your tax accountant before taking any actions. Any questions? We are here to help, so contact us today!


Here’s What You Can Expect in Refinancing

Here’s What You Can Expect in Refinancing

By Lingows Admin • 23 Aug, 2021
After we determine that a refinance will be beneficial for you, we start the application. Much like your original mortgage application, this one collects general information and asks for documentation of your income and assets.
Do I Need A Rental Property Management Company?

Do I Need A Rental Property Management Company?

By Lingows Admin • 22 Aug, 2021
Whether you still thinking of getting into the rental property business or you’re just closing on your 50th investment property, you still have several decisions to make relating to how you will manage all your investments. This is usually among the biggest, toughest decisions a landlord is faced with whether they should hire a property management company. Most landlords are seen managing their investment properties all by themselves or by the help of a single employee, known as a resident manager.
Reverse Mortgage Independent Counseling

Reverse Mortgage Independent Counseling

By Lingows Admin • 19 Aug, 2021
A very important and required step in the reverse mortgage process is independent counseling. Prior to application, all reverse mortgage applicants must receive independent counseling. This is a step that is in place for your protection and is required by law.
Here’s How My Clients Beat the Clock By Preparing Ahead

Here’s How My Clients Beat the Clock By Preparing Ahead

By Lingows Admin • 16 Aug, 2021
Do you remember the story: The Little Boy Who Cried Wolf? I have to admit – sometimes I feel as if some of my clients view me as the little boy from the story when I’m repeatedly and passionately asking them to prepare early for the mortgage process ahead. I’m sending this email to explain how this preparation can make a tremendous difference. Please read on.
Here’s One Critical Question Every Home Buyer Should Ask

Here’s One Critical Question Every Home Buyer Should Ask

By Lingows Admin • 09 Aug, 2021
Realistically speaking – how long do you plan on living in the home you’re hoping to purchase? More times than not, my clients tell me they’re planning on living in their home forever. However, most real estate professionals I’ve spoken to on this topic suggest that the typical family’s home needs change approximately every five to seven years. This statistic might surprise you – it certainly surprised me!
Here Is One Question Everyone Should Ask Before Refinancing

Here Is One Question Everyone Should Ask Before Refinancing

By Lingows Admin • 02 Aug, 2021
Realistically speaking – how long do you plan on living in the home you’re hoping to purchase? More times than not, my clients tell me they’re planning on living in their home forever. However, most real estate professionals I’ve spoken to on this topic suggest that the typical family’s home needs change approximately every five to seven years. This statistic might surprise you – it certainly surprised me!
Frequently Asked Questions About Reverse Mortgages

Frequently Asked Questions About Reverse Mortgages

By Lingows Admin • 26 Jul, 2021
In the reverse mortgage process it is very common for questions to arise that are similar in nature from one customer to another. Below I have listed some of the frequently asked questions that we receive and some factual responses for your information.
Jumbo Loans Are Here!

Jumbo Loans Are Here!

By Lingows Admin • 12 Jul, 2021
Have you taken advantage of the great rates available on Temporary High Balance or Agency Jumbo loans? If not, you may need to do so sooner rather than later. With these loans, Fannie Mae and Freddie Mac are authorized to purchase mortgages that are up to 125% of certain high-cost areas’ median home values, not to exceed a preset limit. Implemented as part of the 2008 stimulus package, these loan offerings were intended as a temporary measure. They have already been extended once, and limits have been reduced.
How Can You Buy And Remodel With One Loan?

How Can You Buy And Remodel With One Loan?

By Lingows Admin • 05 Jul, 2021
Most mortgage loan programs require a property to be in sound condition with no structural defects or required repairs. Not the 203k. It’s made for homes needing anything from light spruce up to major repairs, improvements or new additions. Combine Purchase and Improvements The 203k loan covers your purchase price and the cost of improvements. The proposed work must be supported by a “value upon completion” appraisal. You can save by financing renovation costs into the original mortgage rather than racking up credit card bills or dipping into reserve savings later.
The Return Of The HELOC?

The Return Of The HELOC?

By Lingows Admin • 28 Jun, 2021
Home Equity Line of Credit Once upon a time, HELOCs were promoted as a great way to shop for life’s luxuries. New cars, vacations, furniture—you name it, and a HELOC could likely help you buy it.
More Posts
Share by: