Did you know you can deduct 2nd mortgage interest too! - In general, you can deduct interest charged on a loan used to acquire or improve your principal residence in the year that it is paid.

Did you know that you may not have to pay on the capital gains on the sale of your home. - No more saving reciepts on what you put into the house.  Now, because your home is considered a capitol gain, there is no tax on the sale of your home.. (up to $500k for married, $250k for single)   So if you bought your home for $100,000 and you sold it for $250,000 you would not have to pay any capital gains on it.  You would have to sell it for $351,000 before you would be taxed on $1000 of capital gain.

If you have a gain from the sale or exchange of your main home in 2007, you may be able to exclude from income up to $250,000 of the gain ($500,000, for certain married taxpayers filing a joint return). The exclusion may be allowed each time you sell or exchange your main home, but generally no more frequently than once every two years. You cannot deduct a loss from the sale of your main home.

To be eligible for an exclusion, your home must have been owned by you and used as your main home for a period of at least two years out of the five years prior to its sale or exchange. You can meet the ownership and the use tests during different two year periods. However, both tests must be met during the five–year period ending on the date of the sale or exchange. If you and your spouse file a joint return for the year of the sale or exchange, you can exclude up to $250,000 of gain if only one of you qualified for the exclusion.

If you did not meet the ownership and use tests or if during the 2–year period ending on the date of the sale or exchange you sold or exchanged another home at a gain and excluded all or part of that gain, you may be allowed to exclude a portion of the gain realized on the sale or exchange of your home if:

You sold or exchanged your home due to a change in health or place of employment or due to unforeseen circumstances 

Most people now do not have to pay capital gain on the sale of their home.  It is very rare in Michigan for the house to gain in value that much.

These are tremendous tax benefits for your Oakland county home, or Wayne county home, or Livingston county home.  Whever you have aMichigan home this is great for you.

Search for Lakefront Homes for Sale in Clark Lake in Commerce Twp. MI

Watch this short and informational Buckhorn Lake Video

Search for Oakland County lakes by size, making it easier to find exactly what you're looking for. 

Consider these lakes when searching for your next home : Townsend Lake & Bullard Lake

$1,225,000

16169 Johnson Creek Drive

Northville Township, MI

Beds: 5 • Baths: 4 full/1 partial

$239,000

1701 MARYLESTONE Drive

West Bloomfield Township, MI

Beds: 2 • Baths: 1 full

$259,000

8840 MINNE WANNA Road

Independence Township, MI

Beds: 3 • Baths: 1 full/1 partial

$1,695.00

614 Napa Valley Drive

Milford Township, MI

Beds: 2 • Baths: 2 full/1 partial

$524,900

11471 S BAUER Road

Watertown Township, MI

Beds: 4 • Baths: 2 full