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Tag >> After Tax Investment
Tax savings Many people view the day they close on a house as rather expensive, but closing at the right time can actually save them a lot of money. For instance, when closing towards the end of December, a simple postponement will mean a great deal come tax time. With this approach to purchasing or refinancing in mind, there are some basic principles to remember in order to determine whether or not there is cash to be saved.

Assuming you are basically aware of your tax liabilities for the current year, and you have a feeling about whether additional deductions will be more useful this year or next year is the first step in determining how to schedule your closing. (Of course, if you aren't aware of your tax situation, it's best to consult an accountant or tax-preparer first.)

Now that you know your impending tax liabilities, you need to know that closing before the New Year will allow you to take the deductions for your home purchase immediately, i.e., the next time you file. On the other hand, closing in January will allow you to take those deductions the following year.

How closing costs affect your taxes






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