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Tax breaks
enter the home ownership picture from all angles: buying, owning and
selling. Remember, tax laws are constantly changing and complex,
and you should consult with your professional tax advisor before filing
any claims on your tax returns. Here are the basics:
HOME BUYING
Tax-savings
begin with deductibles allowed for:
- Settlement
charges for the use of money, such as "points."
- Prepaid
interest on prorated loan payments made between closing and your
first mortgage payment.
- City, Township
and/or County real estate taxes on the purchased property.
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