As the tax year winds down toward 2010, many Americans wonder what they can do differently next year in order to eliminate some of their tax burden without having to sacrifice annual income. One of the simplest and most direct ways to save tax dollars is through real estate ownership.

Despite the fact that many tax perks still heavily favor legally married heterosexual couples – while they blatantly discriminate against GLBT couples who are denied those tax breaks due to legally sanctioned prejudice – there are still significant ways for GLBT taxpayers to enjoy tax benefits by purchasing real estate.

Perhaps the most compelling tax perk for homeowners is that they are allowed to deduct the interest they pay on their mortgages. The provision applies to both primary residences and second homes, and will cover mortgage debt up to a million dollars. You can also get deductions for interest paid on home equity loan debt of up to $100,000 – even if the money borrowed with that second loan is not directly spent on home improvements, repairs, or similar upgrades.

Real estate taxes are also deductible in most cases, if you choose to itemize your deductions on your tax return rather than take the standard IRS deduction. These property tax perks apply to any kind of non-business homes that you might own, and there are no limits on how much tax you can deduct or how many houses you can use to claim your deductions. That works out nicely for GLBT partners who, for example, each bought a condo before they moved in together and now use one of the units as a vacation home.

While these kinds of deductions are not allowed for income-producing real estate such as a house you might lease to tenants or a holiday getaway that is rented to people on vacation, owning rental property as a landlord still offers some of its own tax advantages. Most expenses related to the maintenance and repair of rental property are deductible as business expenses, for example, and those may include fees paid to a Realtor who is a professional property manager in charge of overseeing your rental units, collecting monthly payments, and supervising clean-up and transition between tenants.

Landlords are also expected to visit their rental properties on a regular basis in order to check on them or meet with tenants, so it is even possible to deduct all or a portion of your travel and lodging expenses for you to make that kind of trip. If you own income-producing property in another state where you used to live, for instance, and you decide to return there to catch up with friends or family for the holidays you may be able to combine that excursion with a business trip related to your rental property and capture a legitimate year-end tax deduction.

Keep in mind that GLBT couples who buy real estate together can still own the property even if they live in places where gay marriages are unfortunately not yet recognized by state law. But before buying it is a good idea to enlist the help of a real estate attorney well-versed in GLBT legal issues to ensure that there are legal documents in place to handle contingencies such as the transfer of home ownership in the event of the death of a co-owning GLBT partner.

Meanwhile you can help to grow GLBT neighborhoods and communities by encouraging other GLBT homeowners or property investors to support and move to the places you love and enjoy the most. Simply log on to the innovative new GLBT resource at GayNeighborhoods.com and leave comments and feedback. The site is devoted to providing fresh, accurate, insightful information about the best GLBT places in the USA and the content is carefully screened to ensure that it is from individuals who are tapped into their local GLBT scenes but do not have a financial motive for posting their comments and are not trying to advertise, sell, or market anything.

Use of the site is free of charge, and the entire premise of the site is based on providing an experience that is guided by visitors, is user-friendly, and is 100 percent secure.