Two Things To Ask Your Accountant Before Buying a House

Is this a good time for me?

Here at Numerico we take a broad look at your financial picture and can help you understand your credit, save, look at the long term effects of the purchase price of your home and more.  You will need a Realtor and a Loan Officer, but those two professionals are selling you something.  I suppose that we are too, but what we are selling is peace of mind. We don’t care how much you spend, but want to make sure that this is going to put you in a great financial situation for years to come while still being able to live well, go on vacations, save for retirement or whatever your goals may be.

How will this affect my taxes?

This will depend on whether you are buying and selling or just one of the two.  There are many ways that home ownership effects your tax situation. The most talked about is in the form of a tax deduction…however, it is important to discuss the all of them with your accountant. It is possible you may need to pay taxes if you “make” money from a home sale and this varies with the price and what type of properties you own. It can also make a difference if you are dealing with a short sale of foreclosure. The laws have changed greatly in the last few years and continue to change as some of these laws expire. At Numerico, we know the tax law and we care about you and your financial well-being.  Let us help you make one of the biggest decisions of your life!