loan interest, insurance payments, utilities, repairs, and more. However, with the Tax Cuts and Jobs Act going into effect for 2018 through 2025, people who are not filing as self-employed are ineligible for the deduction. There are other specific guidelines for taking advantage of this deduction, so check with your professional tax preparer before filing. Home energy tax credits. The IRS rewards homeowners who make efforts 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. After 2019, the credit falls by a few percentage points each year until 2022, when the credit is scheduled to expire. There are also state and local tax credits, incentives, and rebates for upgrading your home’s energy efficiency.
HOW TO GAIN AN ADVANTAGE:
The bottom line is that there are many different federal, state, and local grants and home buyer programs available for buyers, both first-time buyers and repeat buyers. These programs exist to bring the dream of homeownership closer to people who might otherwise not be able to afford to buy a home. You might be closer than you think to being able to afford a home. Do your research to learn about every possible program and savings opportunity you can. Then, once you’ve learned about every option, narrow them down to the ones that apply to you and for which you are eligible. After 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 find available and appropriate home buyer programs, but also advice regarding what will work best for you and your situation.
150
Powered by FlippingBook