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Tax Perks and Tips for Homeowners and Buyers

Monday, March 16, 2009 posted by Tommi Crow

Tax Perks of Homeownership

  1. 100 percent of the mortgage interest you pay is tax deductible, which can add thousands of dollars to your bottom line each year.   Click Here to FIND OUT HOW MUCH YOU CAN DEDUCT, if you own a home.
  2. Property taxes (real estate taxes) paid to state and local governments are 100 percent deductible on your federal income tax return.
  3. Up to $500,000 ($250,000 for singles) in profit is tax free when you sell your home.

2009 Housing Stimulus Increases Tax Savings of Ownership

  1. Deduct $8000 from Your Tax Bill.   To qualify for the $8000 tax savings you must be a first-time (have not owned in the last 3 years)homebuyer earning less than $150,000 (married, filing jointly) per year.  You must live in the home for 3 years after purchase.
  2. Go Green and Take a $1500 Tax Credit.   The requirements for energy tax credits have eased.  Take advantage of a $1500 Tax Credit for home improvements such as energy-efficient windows, doors, insulation, appliances and mechanical systems.  
  3. Save 30 percent on Alternative Energy for your Home.   Earn a 30 percent tax credit for each dollar spent on things like solar heating, heat pumps or fuel cells.
  4. Save up to $2 million on foreclosures and short sales.   Taxpayers get a free pass on mortgage debt forgiveness until 2012.   Filers can exclude up to $2 million in forgiven mortgage debt, where the home sold for less than the amount owed on the loan.

Owning a home certainly has its privileges, both emotional and financial.  And, real estate is still the granddaddy of tax deductions.   Buy a home and save thousands of dollars, or rent and pay thousands to Uncle Sam.   If in doubt, ask your landlord why they own???

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