Tax Benefits for New Homebuyers
In addition to the personal satisfaction you will get from building your New Home, remember that as a new homeowner, you’re entitled to valuable tax incentives from the federal government.
As you may be aware, you can deduct mortgage interest and property tax from your federal tax return, and often from your state return as well. With the tax changes legislated in 1997, you may be able to exclude capital gains on the sale of your home when you file your tax return. We recommend you consult your tax advisor for professional advice.
For your viewing convenience, our staff has provided direct links to the Internal Revenue Service website pertaining specifically to new and existing home ownership.
IRS Publication 530 Tax Information for First-Time Homeowners
IRS Publication 523 Selling your Home
IRS Publication 936 Home Mortgage Interest Deduction
IRS Tax Topic 504 Mortgage Point Deduction
IRS Publication 521 Moving Expenses
IRS Tax Topic 455 Moving Because of Job Change
Home Mortgage Interest HUD-1 Settlement Statement Deductions
Sale of Residence Real Estate Tax Tips
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