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ESTAPLACE.COM REAL ESTATE - FREE LISTING SERVICE -
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Nesgroup address: misc.invest.real-estate - Date & Time for the message: 14 Aug 2005 14:18:11 -0700
/ Author of the message: "zzbunker" |
Title of the message: |
Re: tax benefits of home ownership
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Text of the message: |
markdemers15@hotmail.com wrote: > Excuse my naivete, but I'm trying to decide whether to buy or lease my > apartment. > > A) If I take out a $1 million mortgage to buy my apartment at 5% > interest rate, > this means my annual interest expense is $50,000. > Thus, I can deduct $50,000 from my income tax and save about 40% x > $50,000 = $20,000 > per year in taxes. True or false? False. If you're paying $1,000,000 for an apartment, that means that the apartment is already wired for nothing but the buisness concerns of a T.Rowe Price Lawyer and the F.B.I. Since that's the only way you're going to get FEMA insurance on a $1,000,000 apartment. So you're only saving any money if you're also a big I.R.A. investor, rather than a tax attorney. > B) Can I also get an additional depreciation deduction on income tax? > Like, can I depreciation my |
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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.