Great news for homeowners! 2 tax breaks that expired in 2011 have been revived with the deal that was signed on Jan 1st. With the signing of the fiscal cliff deal, homeowners gained 2 tax benefits they had previously lost.
1. Federal tax deduction for mortgage insurance premiums or guarantee fees on Federal Housing Authority , Veterans Affairs, Fannie Mae, Freddie Mac or Rural Housing Loan If you purchase a house with less than 20% down and you’re paying mortgage insurance, you can deduct that on your income tax return. The new bill retroactively permits write-offs for 2012 and 2013 federal taxes. This deduction applies if your household income doesn't exceed $110,000 per year.
2. Tax credit up to $500 for Home Energy Improvement You can take up to $500 off your federal income tax for purchasing qualified appliances (Visit http://www.ase.orgfor a list of appliances) or installing certain products (roofing, insulation water heater, furnace, AC, and windows.) that improve a home’s energy efficiency. You can claim the tax credit in the year it was installed by filing IRS Form 5695 along with your income tax. The credit can be used when you purchase a qualified product for your home.
Are you a first time buyer? Looking to downsize or relocate in Greenville? We advise you talk to realtor before you start looking at homes. Please do not hesitate to contact us – no obligation! We can do an online consultation if you can’t make it in person. We’re happy to serve you!
Keller Williams Realty Greenville 700 Airport Rd Greenville, SC 29607
Selling your home? Contact us! (864)881-1352
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