Are you thinking of trading up to a bigger home and taking advantage of the great home prices and mortgage rates in our current market? Did you know that for every $3000 increase you have in interest payments, you can increase your itemized deductions by one, and claim up to 10 withholding allowances total no matter how many people live in your household? The day after you close on your new home, you can change the withholdings on your W-2, and the new tax savings can help you pay the higher mortgage without affecting your disposable income as much. Mean while, you get to enjoy the nicer, larger home and build wealth at the same time because your home will appreciate statistically 2-6% over a 30 year period. Consult your accountant for the implications on how these tax savings will help you.
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