Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.
Is A Historic Home Right For You? Part II
In Is A Historic Home Right For You? Part I we reviewed what the definition of a Historic Home is as well as some resources available in finding a historic home. In Is A Historic Home Right For You? Part II I thought it would be beneficial to understand the Financial Assistance that is available for purchasing a historic home in addition to exploring incentives that are available for restoring a historic home.
One huge incentive for purchasing a historic property comes in the form of a Tax Credit. It is extremely important to note here that each state varies with their requirements for a tax credit in what it can be used for and also the amount! For the purpose of this post I will be applying the requirements and nuances specific to North Carolina for residential properties. There are additional guidlines for commercial buildings, income-producing properties and unique properties such as restoring mills and lighthouses.
Tax Credits: North Carolina offers a 30% tax credit for qualifying rehabilitations for non-income producing properties that are to be utilized for personal residence. Please note that a home must be listed on the National Register for it to receive the credit. A homeowner ... more
Are you on The Rain? Grow Your Network!