Location: Westland, Michigan, United States

Graduate of Walsh Institute Of Accountancy (Now Walsh College) Michigan in 1959. Retired in 1987, but still active in the profession **World War II Veteran (Pacific) **PHONE 734-261-1979 **E-MAIL **(Domain Name CPASENSE Registered) **Mentioned in the Journal of Accountancy, SmartPros, Tax Prof Blog, CPA2BIZ, CPA Journal, AccountingWEB, CPATrendlines & More **Search Accounting Blogs: (Includes cpasense)**TOPICS - FINANCE - FEDERAL & MICHIGAN TAXES ** Making Sense Of Your Finance & Taxes

Thursday, May 22, 2008

Tax Savings Of Owning A Home

How much will my taxes go down when I buy that house? CPAs often get that question from first-time homebuyers. As always, there's no quick rule of thumb. If you live on Long Island real estate taxes for a modest home could be $7,000 a year; in many areas of Massachusetts for a similar home they could be $3,500. But chances are the biggest deduction will be mortgage interest. In fact, for many married taxpayers if their home is paid off or they're paying cash for a property, they may not have enough in deductions to itemize...........

A/N Group Inc.


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