Owning a home is its own reward, but homeownership can also bring rewards at tax time.
This year is especially beneficial for people who are in the market to buy a home, thanks to the
$8,000 first-time buyer credit and the $6,500 tax credit for repeat buyers.
Current homeowners can benefit, as well. Tax credits are available for owners who undertake certain projects to improve the energy efficiency of their home, including replacing exterior windows, skylights and doors and installing efficient heating and air conditioning systems.
Certain home improvements may qualify for as much as 30 percent of the project cost, up to $1,500.
Homeowners also enjoy a mortgage interest deduction; allowing them to deduct all the interest paid on up to $1 million in mortgage debt.
Article taken from NAR, "Home Delivery"
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