How to Offset the Cost of Buying Real Estate in Jersey

[Ralph DiBugnara]

Moving is a big decision. Multiple factors, like the monetary and nonmonetary cost of a home, should be considered before taking part in this big transaction. Purchasing a property in New Jersey is costly. It’s the state with the highest property taxes in the US! Here are a few ways to offset some costs when buying a property in NJ.

- Deduct up to $10,000 off property taxes.

- Write off mortgage interest as a tax deduction for a balance of up to $750,000

- And, if you buy or sell a home in a tax year, in most cases you will be able to write off transfer taxes