Have you heard people say that there are tax advantages to owning your home and you aren't sure what they are talking about? Are you thinking about buying your first house and need a little more incentive to take that step? Here are a few things that might help you.
•1. You can write off your points and mortgage interest.
•2. You pay no income taxes on most home sales.
•3. Home improvements for health reasons are partially deductible.
•4. You can write off interest on home equity loans.
•5. There are home office deductions for qualified owners.
•6. Moving costs are deductible.
•7. You can deduct land lease payments.
•8. You can write off property taxes.
•9. And of course the big one lately-there is an $8,000 tax credit for first time home buyers that does not have to be paid back and there is now a $6500 tax credit if you have lived in your home for at least 5 out of the last 8 years. Check this link for more information. http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf
Hopefully this information will encourage you to take the steps toward home ownership. You will be so glad you did! Did you know that even if the seller paid your closing costs you can still write off some of the expenses??
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