Rossi Real Estate Services LLC, Rossi Real Estate Services LLCPhone: (518) 598-7711
Email: [email protected]
Email: [email protected]
Buying a house is one of the largest purchases made within a lifetime. Along with the responsibility of owning a home comes some great perks, namely tax breaks and deductions. Knowing what these benefits are and getting a better understanding of them can help you take advantage of these perks during your homeowner journey.
While earning points is great on the basketball court, it can be financially draining to a mortgage. Mortgage points are what buyers pay to lenders to secure a loan, usually given as percentage points of the total loan amount.
If you decide to pay these points during the closing of your home, then they are deductible. Taxpayers who itemize deductions on their IRS Form 1040 can usually deduct all the points they paid within the year, except for some high-income taxpayers whose itemized deductions are limited.
If you made a down payment of less than 20% on your home, odds are you may have to pay for private mortgage insurance until you pay off at least 20% of the loan balance.
The positive side is that homebuyers who bought their home in the year 2007 and after can deduct their PMI premiums. However, it’s best to make sure these deductibles are valid each year before filing your taxes.
Mortgage interest accounts for the largest tax deduction for most homeowners. When you receive the form 1098 from your lender, you can deduct the total amount of interest you’ve paid during the year.
Another deductible to not overlook is local property taxes. Consider saving the records for any property taxes you pay so that you can deduct them during tax season.
Some states offer generous tax credits for homeowners who make home improvements to save energy. There are a number of improvements you might qualify for, including things like insulation and energy-efficient roofs as well as photovoltaic (PV) solar panels.
By keeping track of your mortgage payments and checking out your local credits, you can work with a tax expert to make the most out of your deductions during tax season.
Rossi Real Estate Services LLC is a boutique real estate brokerage firm that provides close personal attention to buyers and sellers in the Capital Region and surrounding areas. “Typical” is not a word that clients use to describe Rossi Real Estate's approach to home buying and selling. Building upon years of experience, Rossi Real Estate employs creative marketing approaches, combined with a vast network, to quickly sell homes. By creating home floor plans, professional photography, and online marketing videos, Rossi Real Estate is able to depict home layouts and professional marketing to potential buyers before stepping foot in your home; this saves the seller valuable time by attracting only those buyers who have greater interest in the home. Additionally, by employing targeted online marketing, Rossi Real Estate targets buyers searching for homes just like yours.
Joe Rossi, the Principal Broker at Rossi Real Estate, builds upon over 12 years real estate experience in every transaction. Joe zealously advocates for his clients by combining his diverse background in law, finance, complex negotiation, and management, with compassion and exemplary communication skills creates. He explains transaction details and guides his clients through every step of the buying and selling experience. Furthermore, Joe listens to his clients’ wants and needs. In a recent transaction, the buyer profusely thanked Joe, stating he was, “[T]he only one in the transaction that was capable of communicating with the sellers in a way that ensured we were able to close on our dream home”.
Our real estate practice includes leading professionals, all of which are NYS Licensed Real Estate Sales Associates: Joseph R. Rossi, Ryan Hart, & Dustin Cogswell. Their experience includes work at a fortune 100 company, military operations, and technical recruiting.
If you're looking for a real estate broker who goes above and beyond the industry, who genuinely cares about their clients, and who will drive results, contact Rossi Real Estate Services LLC today.
The Stuff our attorneys make us include...
In accordance with Real Property Law §442-H, Rossi Real Estate Services LLC implemented a Standardized Operating Procedure governing client engagement. As such, prior to any engagement, Broker:
1. Requires a buyer to produce identification if the identity of the buyer is not readily known through a personal relationship with the broker or licensed sales person;
2. Requires an exclusive agency agreement (i.e. exclusive broker agreement) prior to engagement with any buyer;
3. Does not require pre-approval for a mortgage loan; however, a pre-qualification letter for a mortgage loan or, for cash buyers, proof of funds is required.
Although Broker may not require certain information, a seller of real estate may require this information prior to showing the property and/or as part of any purchase offer.
