Homeowner Tax Savings & Credits
HOME OWNERSHIP BRINGS A NUMBER OF TAX ADVANTAGES! EXAMPLES:
Mortgage interest tax deduction. For many homeowners, this represents a significant deduction, particularly in the early years of a loan
when interest makes up a larger portion of the payment.Property tax
deduction. Your house payment includes a property tax escrow. A typical
annual deduction ranges from $2,000-$4,000.00, depending on the house and the community tax rate.Property tax payments are deductable.Energy Efficiency Tax
Credit. Energy efficiency improvements lower your monthly utility bills. Currently, the IRS offers a $1500.00 energy tax credit for qualifying improvements. In
many cases, New Beginning Homes can provide financing for your energy improvement project.You should always consult with your own tax advisor.
You should always consult with your own tax advisor.
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First Time Home Buyer Program Information