How real estate can save on your income taxes

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Although the end of 2005 is several weeks away, it's not too early to plan for year-end tax savings. Real estate can play a major role in saving your tax dollars. As always, before using these tax saving techniques, please consult your personal tax adviser for details. Even if you use just one or two of these methods, the result can save hundreds or even thousands of tax dollars: Purchase Bob Bruss reports online. 1. BUY A PRINCIPAL RESIDENCE BY YEAR-END. This is the best time of the year to buy a home. As the holiday season approaches, each week there are fewer competitive home buyers in the market. Home sellers who have their residences listed for sale at this slow home sales time of the year are usually highly motivated to sell. The loan fee you pay to obtain a home acquisition mortgage is fully tax-deductible as itemized interest. Also, mortgage interest you pay in 2005 is also tax-deductible. However, your home purchase must close by Dec. 31, 2005, to qualify. 2. SELL YOUR PRINC...