Government Support
Home ownership is encouraged in this country. When deciding how much home you can afford, be sure to fator in the financial assistance you will receive in the form of tax breaks.
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The govermnent essentially subsidizes your monthly mortgage payments based on your federal tax bracket. For example, if you itemize on your tax return, you're in the 31% federal tax bracket, and you monthly mortgage is $1,500, you could pay $465 less in taxes and redirect it to your housing costs instead. So, in effect, your cost would be $1,035.
YOU TAX BRACKET |
THE SUBSIDY |
| 39.6%......................................... |
39.6% of $1,500 = $594 |
| 36%............................................ |
36% of $1,500 = $540 |
| 31%............................................ |
31% of $1,500 = $465 |
| 28%............................................ |
28% of $1,500 = $420 |
| 15%............................................ |
15% of $1,500 = $225 |
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|
YOUR TAX BRACKET |
YOUR ACTUAL COST |
| 39.6%......................................... |
$1,500 - $594 = $906 |
| 36%............................................ |
$1,500 - $540 = $960 |
| 31%............................................ |
$1,500 - $465 = $1,035 |
| 28%............................................ |
$1,500 - $420 = $1,080 |
| 15%............................................ |
$1,500 - $225 = $1,275 |
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For more information:
Owning a home is good for the economy and society.
- Borrowing promotes worldwide circulation of money;
- Borrowing support industries;
- The responsibility of monthly mortgage promotes good work habits and productivity;
- Ownership promotes raising of families;
- Ownership promotes cleaner, safe neighbornhoods.
If you're moving at least 50 miles away because of a job transfert or a new job, many of your moving expenses qualify as tax deductions. A permanent change of station in the armed forces also makes expenses eligible for tax deductions. Expenses that qualify are:
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Packing and transporting household goods and personal items;
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You car mileage to move items, yourself, and household menbers;
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Tolls and parking expenses related to the move;
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Storing and insuring items for up to 30days;
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Disconnecting and connecting utilities;
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Shipping cars or pets;
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Transportation and lodging (but not meals) for all family menbers while traveling to your new home.
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