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Investment Real Estate >Investing in Your Neighborhood
Some neighborhoods have the reputation of being terrific places to live, and the difference is often the investment that people make in their community. These neighborhoods embody a community spirit that reflects the pride of the people who live there. In addition to the financial investment the residents have in their property, they also invest their time by participating in local affairs.
How can you become active in your community? You can participate in your neighborhood association by volunteering to serve on committees. You can keep abreast of issues that could impact your area by testifying at hearings or writing letters to local government officials. There may be ways that you can help your neighbors if they are having a hard time with a serious illness or job loss. If your children are grown, you can make a tremendous difference by doing volunteer work in after-school tutoring programs. When some people begin to get involved in making a difference in their neighborhood, others soon follow.
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| Q |
What is the maximum interest you can deduct on your federal tax return to purchase or improve a first or second home?
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| A |
One of the greatest benefits of home ownership is the federal tax deduction for interest up to, but not exceeding, $1million. |
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