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Radon gas can be a worry for homeowners. This naturally occurring substance has been found in homes throughout the country. It is odorless, colorless and undetectable without sophisticated testing. Radon has been linked to many diseases, and environmental experts caution that it should be tested. Remember that if radon gas is detected, it can usually be removed at a relatively low cost with simple ventilation systems.
If you are concerned about radon in your home, you can have it tested. You can contact your nearest branch of the Environmental Protection Agency for information about how to find a reputable company qualified to perform the tests. If you are buying a new home in an area where radon has been a problem, you might consider including a radon test as part of the structural contingency clause. And if you are planning to sell your home, you can test it for radon before placing it on the market. If there is no problem, your fears will be put to rest, and even if radon is detected, it is neither difficult nor costly to correct.
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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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