7 Housing Tax Laws You Need to Know
The housing crisis has a silver lining:
It brought tax relief to many homeowners.
Over
the past few years, lawmakers have created new home-related tax laws
and tweaked existing ones to give beleaguered homeowners some relief at
filing time. Even property owners who aren't in financial straits get
some breaks, such as help in buying a first home.
Other
homeowners now have more options when it comes to selling. And tax breaks for energy-efficient home improvements also made it back onto
the books.
But not all the changes help
homeowners save money. The law affecting vacation-home sales was
designed to put a bit more cash into the U.S. Treasury. This new tax
money source was created primarily to pay for other homeowner tax
breaks.
As with most taxes, whether the
residential tax law changes will help or hurt you depends upon your
individual circumstances. Check out these seven recent
real-estate-related tax measures to gauge their possible effects, for
good or ill, on you.
Click here for the 7 Housing Tax Laws You Need to Know!