People often talk about the hidden costs of home ownership. I'm not sure that the costs are truly hiding somewhere, they're just not wrapped into the listing price we see posted on the internet or even the big number on our mortgage loan documents.
In the same way that it's important to understand the terms–interest rates, annual fees, late fees–of any credit card you keep in your wallet, you want to be crystal clear on all of the costs associated with your home loan(s) including tax obligations and transaction fees for both purchase and sale of the property. Even if you're just refinancing or taking out a home equity loan as many people are inspired to do right now because of low interest rates, you want to be sure that you understand the tax implications of any financial rearranging.
This primer on the tax advantages and burdens of home ownership is a great way to get up to speed on current tax regulations related to homeownership.
As always, I'm here to answer questions. Just give a call!