Tax Relief for your Home
A couple of items of good news involving the IRS, taxes, and your home. First, if you have a lien for back taxes, the IRS is making it easier for you to refinance or sell. They will in many cases subordinate (in other words let the new lender be first in line if you sell) the lien to the new lender, or if you’re selling for less than the first lien holder owes, they’ll release the lien altogether in some cases.
Second, for you new homeowners, if you bought a home after April 9, 2008 or before June 30, 2009 and didn’t own a home for the three previous years, you can get a credit of up to $7,500. Drawback is you will have to pay it back over 15 years. Still worth investigating or if you’re a realtor, mentioning to your clients.
[…] still have historically low interest rates which keeps your house more affordable for buyers. Plus tax credits for first time buyers and possibly more depending on which version of the stimulus […]