Tax Advantages
For those of you thinking about becoming a homeowner, you should know that there are some significant tax advantages for being a homeowner that can make it more affordable than you think. Because of the economy the way it is now, the federal government has recently extended one of their more popular tax credits.
Late last year, the Obama administration extended, for first time buyers, the eight thousand dollar tax credit. This credit was going to expire on Nov 30, 2009 but it is still effective today and at this time is said to end on June 30, 2010. Another part of this is there has been a increase in the income limit to qualify for this credit.
There are other tax deductions connected with being a home owner besides this temporary credit. You can deduct the interest you paid on your mortgage, as a general rule, if the mortgage is less than one million dollars. Property taxes too are deducted. But, no matter how many tax advantages there are available, if you are not financially prepared to purchase a home, then this just is not your time. Begin a home owner is not right for everyone.
