Simmons Homes

What is the smartest purchase you will ever make? Well, buying a home of course. One reason is that owning a home has multiple positive tax benefits. Once you become a homeowner you qualify for three important sources of tax savings:

1. Deductions for mortgage interest.
2. Deductions for real estate taxes.
3. Capital gain exclusion for the sale of a home.

The deductions of real estate taxes decrease the annual cost of owning a home by dropping the home owner’s tax responsibility each year. If you own a home with $10,000 yearly mortgage interest costs and you fall in the 25 percent tax bracket, you qualify for up to $2,500 in tax savings each year. Not to mention that in most state the taxes paid on your home are deductible.

Not only will you save overall on taxes by purchasing a home, you will receive a tax benefit when you sale a home.

“Under present law, sellers of a principal residence can exclude from taxation profits from the sale of a home, up to $500,000 for married taxpayers and $250,000 for single taxpayers. With capital gain tax rates expected to increase from 15 to 20 percent in coming years, these tax savings can be substantial.” , according to the According to National Association of Home Builders.

The NAHB economists estimate that a married couple with an annual income of $80,000 and a mortgage rate of $250,000, will save on taxes from the mortgage interest and real estate tax deductions more than $11,000 in the first five years of owning a home. If the couple owns the home for twelve years, the savings will grow to $25,000. In collusion if you combined the capital gains exclusion and the total tax savings for the entire period of owning the home the savings will surpass $52,000.

With the home buyer tax credits available with up to $8,000 for first-time home buyer and $6,500 for repeat home buyers, buying a home today is a rewarding financial decision. Find out more at http://www.federalhousingtaxcredit.com/.

Oklahoma is more than “OK” in our eyes! Tulsa is a city that boasts affordable new home prices, low interest rates, and a great tax rebate for first-time home buyers, also provides affordable new homes for sale within a city with a growing economy. With a double-digit job growth, it is no surprise that Tulsa real estate market conditions of 2009 were ranked among the healthiest housing markets and an appearance of recovery before many other real estate markets. Below is a list of just some of the great news that came out about Tulsa’s growing economy and the real estate market in 2009.

• Tulsa was ranked best Cost of Living and ranked 2ed for best Quality of Life by Business Facilities magazine’s metro report; “Tulsa World“

• Tulsa, Oklahoma was named as one of the Growing Cities with a median home price of $135,000. CNN Money; “Where the Growth Is – and Isn’t“

• Tulsa ranked 11th among the nation’s top performers in a recently released home pricing forecast that indicated Tulsa real estate market will be among the top 13 performers in the nation this year. Tulsa World; “Tulsa Housing Market Predicted to Fare Well“

• Tulsa was ranked the 15th most affordable place to live. BusinessWeek; “The 30 Strongest Housing Markets in the U.S.”

• Tulsa, Oklahoma as the 7th healthiest housing market and is on the edge of becoming the first city to recover in the real estate market. Builder Online; “Healthiest Housing Markets by Hanley Wood Market Intelligence Report“

• Tulsa ranked 7th strongest Metro Economics with home prices growing 2.5% in the second quarter compared to the same period a year before. BusinessWeek; “Forty Strongest US Metro Economies“

• Oklahoma Ranks #1 in cost of living and 3ed highest in overall economy. Oklahoma is also the #23 in overall for doing business. CNBC; “Americas Top States For Business“

• Tulsa was ranked 12th recovering city out of 100 of the largest Metropolitan Areas within the U.S. Forbes; “Full List: America’s Fastest-Recovering Cities“

• Tulsa had seen a double-digit job growth in business services, education and health, government, manufacturing and retail. Forbes; “Best Cities for Jobs: Best Mid-Sized Cities For Jobs“

• Bixby, Ok, Tulsa’s neighboring city was, rank 67th best place to live. CNNMoney.com; “Best Places to Live 2009“