In This Chapter
• Owning a home provides financial benefits
• State tax breaks
• Improving your home improves your bottom line
• Selling your home and the tax benefits from the capital gains exclusion
As you know by now, owning a home has many advantages—you can decorate it the way you want, and it provides stability for you and your family.
You also have one more substantial benefit to being a homeowner—your home becomes your own little tax shelter. From the moment you sign the documents and close on your home, it provides you with a number of income tax savings. It’s just a matter of knowing where to look for them.
For example, did you know that there was an $8,000 tax credit for first-time home buyers in 2009? If it’s not ...