Taxes

Proposition 19

Economic impact: “C.A.R. estimates that hundreds of millions of dollars in revenue will be generated for local governments and schools, with a major portion going to the state’s fund for fighting wildfires and to under-funded fire districts. These changes are also expected to spur activity in the housing market.” If the Proposition is estimated to […]

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Tax Savings of Home Ownership

Most homeowners are very aware that mortgage interest can often be a deduction from their income taxes. The maximum outstanding mortgage debt  for which interest is deductible is $1 million. The maximum outstanding home equity debt for which interest is deductible is $100,000. http://www.irs.gov/publications/p936/ar02.html Deductions for premiums for mortgage insurance (PMI) are not as well

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