Income Tax Savings

Because of income tax deductions, both the Federal Government and the State of Illinois are subsidizing your purchase when buying a condo, loft, or townhouse in Chicago. All of the interest and property taxes you pay on your property in Chicago in a given year can be deducted from your gross income to reduce your taxable income. So with the market conditions in Chicago, there has never been a better time to purchase a condo, loft, town home, or co-op. Search our database for properties, we have the right one for you!

For example, assume your initial real estate mortgage loan balance is $150,000 with an interest rate of eight percent. During the first year you would pay $9969.27 in interest. If your first payment is January 1st, your taxable income would be almost $10,000 less - due to the IRS interest rate deduction. Property taxes are deductible, too. Whatever property taxes you pay on your Chicago property in a given year may also be deducted from your gross income, lowering your tax obligation.