Because of income tax deductions, the government is basically subsidizing your purchase of a home. All of the interest and property taxes you pay in a given year can be deducted from your gross income to reduce your taxable income.
For example, assume your initial loan balance is $150,000 with an interest rate of eight percent. During the first year you would pay $9969.27 in interest. If your first payment is January 1, your taxable income would be almost $10,000 less – due to the IRS interest rate deduction.
Property taxes are deductible, too. Whatever property taxes you pay in a given year may also be deducted from your gross income, lowering your tax obligation.
Secluded beaches. National Parks, Duty-Free shopping, Campgrounds, Kayaking, Hiking, Ecological tours, World-class diving, Superb sailing, Sport Fishing, Sunbathing, Local craftsmen, Island art, Fine Dining, and of course the Nightlife. Call today (340) 690-0243.
Vacation home or year round residence. You can start your search for any home for sale in St. Thomas right here
Looking for your perfect place in the sun? Beachfront? Golf anyone? Search all condominiums for sale in St. Thomas here