Tag Archive for 'taxes'

Great tax deductions for second homeowners

This is a great time for buyers to invest in second homes. Chicago has an abundance of great condos at good prices with great rental and appreciation potential. Besides appreciation and rental income, second homeowners can add to their income with great tax deductions.
Mortgage, taxes and insurance

Property taxes
Property insurance
Flood insurance
Liability insurance
Mortgage interest
Private mortgage insurance (PMI)
Refinance […]

Taxes When You Sell Your Home at a Loss

[source:SmartMoney.com]
IT’S A HOMEOWNER’S worst nightmare: selling your home at a loss. Sadly, with the real estate market slowing, more folks are discovering that, yes, this can actually happen.
The worst-case scenarios are when folks borrowed heavily to buy in at the top or took out big home-equity loans while prices were inflating — two situations that […]