Message from the President
by Dawn Brown
Tax Breaks You Can Only Claim as a Homeowner
There are many benefits associated with homeownership. The American Dream offers financial gain and stability and many social benefits. A real estate agent will tell you that one of the biggest benefits associated with homeownership can be found when filing your taxes, and depending on your situation, there may be thousands of dollars coming back your way.
Homeownership is an investment in your future. It is where we make memories and feel comfortable and secure, it strengthens communities, and it offers homeowners financial security. Tax breaks are just one of many benefits of being a homeowner, and even those who have owned a home for years may be unaware of all of the opportunities for savings.
As the deadline to file taxes approaches we would like to remind homeowners of the many tax benefits, savings and deductions they can take advantage of simply by owning a home.
The mortgage interest deduction. This may be the most notable and advantageous tax benefit that homeowners enjoy. The mortgage interest deduction allows homeowners to deduct the interest paid on a mortgage debt of up to $1 million on a primary residence and one additional residence.
Property taxes. It is widely known that being a homeowner means paying taxes on your property to local government, whether it is the city, county or state. What you might not know is that these taxes are entirely deductible from your federal income tax, which is more great tax news for homeowners.
Mortgage insurance premium deduction. Homeowners with incomes of no more than $100,000 can deduct their mortgage insurance premiums if they were required to obtain insurance as a condition of receiving financing for the home.
If you are on the fence about buying a home, taking advantage of these tax benefits can help put your dream home within reach. By working with a Realtor® a member of the National Association of Realtors® you can better understand the homebuying process and the many benefits that come with owning a home.
Buying a home can sometimes be a challenging process, but with a little work and a Realtor® at your side, 2017 may be a good time to start looking.
REALTOR Emeritus Event
The Buffalo Niagara Association of REALTORS invites you to our REALTOR Emeritus Luncheon honoring our 2017 REALTOR Emeritus: Salvatore Balesteri, Christie Rothschild, Catherine Tobia, Peter Scarcello, Gordon Trank, Peter Hunt, Ann Dunning, Susan Downing, Mary Schemm, Robert Vacanti, Sylvia Frost. The cost for REALTOR Emeritus is $13.00, Guests $25.00. Lunch Selections are Filet of Sirloin or Chicken Franciase (Vegetarian upon request) - Use this link to print the registration form and send along with your check payable to BNAR, 200 John James Audubon Pkwy, Suite 201, Amherst NY 14228. For more information email email@example.com
REALTOR Magazine Good Neighbor Awards
It would great to see one of our members win a prestigious award from the National Association of REALTORS. Five Good Neighbor Awards winners will receive $10,000 grants and five honorable mentions will receive $2,500 grants for their charitable projects. For more information and an entry form, use this link. Entries must be postmarked by Friday, May 12, 2017.
BNAR Presents Economic and Real Estate Outlook
Sign up today for our Economic and Real Estate Outlook featuring Lawrence Yun, National Association of REALTORS Chief Economist and Senior Vice President of Research will be speaking on the current and future housing market in Western New York. The date is Wednesday, April 27 at the Millennium Hotel, 2040 Walden Avenue. Registration begins at 8:30 am with breakfast starting at 9:00 am. Register through Member Services through your MLS Portal.
Save the Date!
Wednesday, May 10 – 8:00 am – 4:00 pm at the Buffalo Marriott Niagara
Xplode is a jam-packed day of Marketing & Technology for real estate professionals. It illuminates today’s best practices and the most useful marketing and technologies so you can make your business more productive. Special offer-only $29 until May 1, 2017. Use this link to register. http://www.xplodethis.com/buffalo/
Any individual who has at least one year experience in real estate sales, are licensed and actively practicing in New York State and who hold primary REALTOR membership in New York State is eligible to receive a scholarship to one of the NAR Designation/Certification course. Application must be completed and postmarked by July 31, 2017. Here is the link to the list of scholarships, rules and application.