Why should you stop renting and start owning in 2009? Here are just a few of the reasons:
1. Tax Deductions
Did you know that up to $1 million of the taxes you pay for your mortgage interest is deductible?
You can also deduct local property taxes. If you paid points to secure your mortgage, you may be able to deduct those points on your taxes.
2. New Deductions
Congress has just passed legislation that can give you a tax credit of up to $8000 that you will not have to repay if you stay in your home for at least 3 years.
3. Special Incentives
Profits on the sell of your primary residence are tax free up to $250,000 if you’re single, $500,000 if you’re married.
There are additional benefits including deductions for home improvements, energy credits and more. And many incentives are offered just for first time buyers.
Ask your tax or real estate professional about benefits if you buy in 2009.
Thanks to Glenn Uhrlass, Loan Officer at Bank of North Carolina for this information.
