NJ real estate taxes, mortgage payments, etc - HELP! (equity, property taxes)

[Sprawling_Homeowner]

My question is, in NJ, how does home ownership translate into tax benefits and equity?

For example, I know I'm going to get a rebate for being a renting tenant soon, for all the rent I paid in 2006.

But if I buy a co-op? What payments can I use to get tax deductions or other benefits?

Mortgage only?

taxes only?

Co-op maintenance fees?

Someone please help. I've navigated the NJ tax website and looked for help but am lost on this.

[tahiti]

Originally Posted by Sprawling_Homeowner

My question is, in NJ, how does home ownership translate into tax benefits and equity?

For example, I know I'm going to get a rebate for being a renting tenant soon, for all the rent I paid in 2006.

But if I buy a co-op? What payments can I use to get tax deductions or other benefits?

Mortgage only?

taxes only?

Co-op maintenance fees?

Someone please help. I've navigated the NJ tax website and looked for help but am lost on this.

I don't know much about co-ops, but I know that the tax bennies from home ownership for us translates to over $400/mo savings on our federal taxes. If I didn't have the interest and property taxes to write off, we'd have to take the standard deduction.

I don't think you can write off co-op maintenance fees - I know you can't write off homeowners dues.

In rereading this, I may have answered this wrong. Are you looking for info on *NJ* tax bennies, and NOT federal? NJ isn't as liberal with writeoffs as federal is. You only get to write off property taxes - not interest. NJ state income tax is relatively low vis-a-vis other states - usually a couple of low % of income.