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Buying A Home Tax Credit

home equity loans: Big Change. You can continue to write off the interest on a home equity or second mortgage loan (if you itemize), but only if you used the proceeds to substantially better your home and only if the total, combined with your first mortgage, doesn’t go over the $750,000 cap ($1 million for loans in existence on Dec. 15, 2017).

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D.C. homebuyer’s credit. Although the nationwide first time homebuyer credit has expired, first-time buyers in the nation’s capital could earn a $5,000 federal credit for buying a home in 2011. That’s the same as having Uncle Sam kick $5,000 into your down payment.

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You must be first-time homebuyers unless the home you’re buying is in a federally designated targeted area or you’re a veteran qualifying under the Heroes Earning Assistance and Relief Tax Act (the HEART Act) of 2008. You must live in the property you’re purchasing for the entire duration of the loan and must move in within 60 days of closing.

A home-buying program called mortgage credit certificate (mcc) allows low income, first time home buyers to benefit from a mortgage interest tax credit of up to 20% of the mortgage interest payments made on a home (the amount of the credit varies by jurisdiction). The maximum credit is $2,000 per year if the certificate credit rate is over 20%.

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Tax Breaks for Buying a Home.. If the total of non-business energy property credits taken in prior years since 2005 was more than $500, for example, the credit may not be claimed on 2011.

The more taxes you pay, the tax benefits of owning a home you get. Tweet this If you’re in the 15 percent tax bracket, every $100 that your mortgage or property tax deduction reduces your taxable income saves you $15. While that’s nice, it’s not enough motivation to run out and buy a house. If you’re in the 25 percent tax bracket, however, the benefits become more persuasive.

A new law extends a temporary tax credit for first-time home buyers. What’s new is a tax credit of up to $6,500 for certain repeat home buyers.