Jared Weggeland

Equally important, profits of up to $500,000 on the sale of a principal residence (or $250,000 for a single owner) are excluded from tax on capital gains.

" If there is a silver lining to the housing downturn, it's that homes are more affordable"

For more information, visit MySouthernHome.com

It's also important to remind people about the unique tax benefits that apply only to housing and help lower the cost of homeownership.

We all know that both mortgage interest and property taxes are deductible, and the amounts that home owners save can be significant.

According to NAHB calculations, a home owner with an income of $100,000 ($74,195 taxable income) who is in the 25 percent tax bracket will see tax savings of $26,532 during the first five years of homeownership given a 30-year, fixed rate mortgage for $300,000 at 6.52 percent interest. the same buyer would save $17,121 with a $200,000 mortgage on the same terms.

N. Hampstead, NY

Home Value: $660,200 median value
Property Tax: $22.4 (per $1000 valuation)
Sales Tax: 8.75%
Income Tax: 7.13%
Cost of living: 164% vs 100% as national average

Orlando, FL

Home Value: $272,500 median value
Property Tax: $13.69 (per $1000 valuation)
Sales Tax: 6.50%
Income Tax: 0.00%
Cost of living: 94% vs 100% national average

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1- Nonprofit Executive
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For more information visit MySouthernHome.com

Interest rates are very low

Low interest rates allow qualified buyers to obtain larger mortgages, making expensive homes more affordable. Although the real estate market is not what it used to be, homes priced and marketed right are still selling.

Keep more of your equity

most couples mow qualify for the $500,000 exclusion from capital gains tax on the sale of their principal residence. These current tax breaks may be taken away in the next few years, as the government struggles to capitalize huge unfunded obligations including health care and retirement pensions, massive deficit spending, a weak economy and lower tax collections.

For more information, visit MySouthernHome.com