One of the challenges you will face when deciding how much money to put down on your new home is whether to put down a larger down payment or to take a bit of money from your down payment and use it to buy "discount points" to lower your interest rate.
Before delving into tax-deductible home improvements, it's important to understand that these tax deductions won't be applied immediately. In most cases, homeowners can only benefit, tax-wise, from their home renovations later, when they sell their home.
When the chatter was at its peak on the 2018 tax law changes being proposed, one of the big areas of concern for homeowners was the elimination of the mortgage interest deduction. Right behind that issue was a similar treatment with regards to property tax deductions.
Looking for an extra 2010 tax deduction? Consider making your January mortgage payment a few days early.
In November, Congress extended and expanded the First-Time Home Buyer Tax Credit program to include a subset of "move-up" buyers -- homeowners that have owned and lived in their home for 5 of the last 8 years. The credit ranges up to $8,000 per buyer. There's now just 7 weeks left to take advantage. To be eligible, home buyers must be under contract for a new home no later than April 30, 2010, and must be closed no later than June 30, 2010.
There are 138 million taxpayers in the United States and, [...]
Image by djbones via Flickr With Congress reaching agreement on [...]