Post your question for our resident tax expert, CPA Ronald E. Polichnowski. Learn how to make use of online tax tools . Our Community Pages have information on property taxes for 15 area jurisdictions. There are immediate yearly tax benefits, such as the ability to deduct mortgage interest and real estate taxes on your income tax return. The purpose of this series is to help readers understand how the tax code works with regard to homeownership.
Careful planning is important.
There are some tax deductions that will require investigation and research. Despite the political rhetoric we all heard last year during the presidential election campaign, homeownership continues to be encouraged and supported by the Federal Tax Code. You and your spouse then started a family, and this first home was just too small. If you had bought stocks and bonds and made this profit, you would have had to pay capital gains tax on the gain. The rollover will be discussed in more detail in this series.