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March 23, 2004

RE/MAX
Valley Real Estate
Contact: Jack Pearce
Phone: (330) 629 - 9200

<For Immediate Release>

Good Deductions:
Homeowners Can Reap
 Many Tax Benefits

”Home ownership offers numerous tax benefits.” Says Jack Pearce, Broker for RE/MAX Valley Real Estate. “Filers can deduct the points they paid when they purchased their residence or refinanced their mortgage- with some conditions; sellers do not have to pay taxes on $250,000 to $500,000 of the sale profits - depending on marital status - if they lived in the home for two of the last five years.”

Homeowners can also deduct mortgage interest; property taxes; prepayment penalties; and interest paid on home-equity loans if the money was used for renovations, new construction, or home purchases. However Pearce further states, “Homeowners must understand that their interest deductions will be smaller if they refinanced to a lower rate in the last year.”

“Always consult your accountant or the organization who prepares your taxes.” According to Jack Pearce. “To facilitate the filing process, homeowners should keep their closing statements, usually called the HUD-1 statement, in a safe and accessible place for reference during the current and future tax years.”

For more information on services RE/MAX Valley Real Estate offer the home buyers and sellers in the Mahoning Valley, stop By RE/MAX Valley Real Estate located at 54 Boardman-Canfield Rd. 330.629.9200 or visit them on the web:       www.OurValleyHomes.com

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