NOW is a GREAT time to buy real estate as an investment and hold it for the long term
Mortgage rates are at all time lows. And the mortgage interest deduction is one of the most valuable deductions on the Federal income tax return. Not only will this deduction save you potentially several thousand dollars per year, but you also can deduct paid real estate taxes, PMI insurance and points on your mortgage loan as well. Investing in a rental property is more complicated but you are entitled to many business deductions for owning the property that translate into tax savings on your current or future income tax filings.
Stuart Steinberg, CPA, MBA has owned a strategic tax planning practice on the North Shore for 23 years. Please feel free to contact him anytime and let Erock Tax take care of you!