loan interest, insurance payments, utilities, repairs, and more. However, with the Tax Cuts and Jobs Act going into e ff ect for 2018 through 2025, people who are not fi ling as self-employed are ineligible for the deduction. Th ere are other spe cifi c guidelines for taking advantage of this deduction, so check with your professional tax preparer befor e fi ling. Home energy tax credits. Th e IRS rewards homeowners who make e ff orts to create eco-friendly homes. Solar is particularly lucrative as the installation of a solar power system or solar hot water system earns you a 30% federal tax credit until the end of 2019. A ft er 2019, the credit falls by a few percentage points each year until 2022, when the credit is scheduled to expire. Th ere are also state and local tax credits, incentives, and rebates for upgrading your home’s energy e ffi ciency. HOW TO GAIN AN ADVANTAGE: Th e bottom line is that there are many diff erent federal, state, and local grants and home buyer programs available for buyers, both fir st-time buyers and repeat buyers. Th ese programs exist to bring the dream of homeownership closer to people who might otherwise not be able to a ff ord to buy a home. You might be closer than you think to being able to a ff ord a home. Do your research to learn about every possible program and savings opportunity you can. Th en, once you’ve learned about every option, narrow them down to the ones that apply to you and for which you are eligible. A ft er that, consider the pros and cons of the available grants and savings programs. Don’t forget to consult a professional to decide the best options for you. Your agent can be a great resource here, not only helping you fin d available and appropriate home buyer programs, but also advice regarding what will work best for you and your situation.
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