Take Advantage of Tax Incentives - March 2009
Tax refund time is here and now is a great time to put your refund to good use by improving your existing home or purchasing a new one. Right now could be the time to fulfill your dreams of owning a custom home or a remodel of your existing home.
The economic stimulus package has been announced by the Obama administration and there is much for the homeowner to celebrate. While there are many good aspects to the program, there is one key item in the package that could make a huge difference to new home buyers.
An $8,000 tax credit is being given to all buyers that have not owned a home for three years or more. This credit applies to purchases of new homes as well as existing homes.
The tax credit will be easy to claim, you simply claim it on your next Federal Income Tax Return. The credit only applies to homes purchased before November 30, 2009, so take action soon. If you, or somebody you know, haven’t owned a home for three years or longer please check into this credit. More information about the purchasing tax credit is available at the following links:
http://www.federalhousingtaxcredit.com/2009/home2.html
http://www.biblemoneymatters.com/2009/02/first-time-homebuyer-tax-credit-of-8000-in-2009-economic-stimulus-package.html
Another benefit of the stimulus package is that money is becoming available for home loans again. Interest rates for 30 year fixed mortgages are hovering around 5% currently. Please contact your real estate profession or mortgage broker to see exactly what you qualify for.
There are other credits available as well for existing homeowners to make their homes more energy efficient. You may be eligible for tax credits for everything from a new roof to new doors and windows. There are literally too many things here to mention, so please go to the following website for more information: http://www.energystar.gov/index.cfm?c=products.pr_tax_credits.
You can also check with your tax professional for more information.
Did you read our other article about using your current tax refund wisely? You should, it could change your life. Click here to read that article.
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