Testimonial
“Michel has served my tax & accounting needs, both business & personal, for over seventeen years. He is excellent at his work and dedicated beyond any reasonable expectation. I count him as a friend as much as trusted professional. I have no reservation whatsoever in recommending him to anyone who is looking for the best CPA in the Denver area.”
KC Butler, ABR, CDPE, CRS, MRE, ePro
RE/MAX 100, Inc.
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During the year in which we purchase a house, we often expect savings in our personal income tax bill. However, during the first year, if you will own or use the house less than the full year, you may be in for a surprise. Please discuss with your tax consultant; the months of ownership are a major factor to reap all potential tax savings. Your primary residence can produce what are called itemized deductions (i.e. interest, points, and real estate taxes), but these deductions eliminate what you may have enjoyed in previous tax years (otherwise known as "standard deductions"). Also, please be aware there are limitations on the amount of mortgage interest and points that you can deduct. Make sure to consider this fact during your income tax projection. Owning your own residence is a privilege--make it financially beneficial by planning and monitoring all of the applicable rules and regulations!
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