Buying your first home is a huge step. When you leave the world of renting behind, you begin building equity in real estate. And Uncle Sam is.

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Second homes come with some key tax issues. Taking the time to plan ahead can save you money, and headaches, later on.

Secrets to Foreclosure Auctions and Tax Deed Sales In February, officials in Xi’an, the home of China’s famed terracotta. ruling non-local residents needed to have at least.

The Obama administration enacted the federal first-time home buyer tax credit in 2008. Created as a response to the 2008 financial crisis, the Housing and Economic Recovery Act (HERA) allowed new home buyers to get a tax credit of up t0 $7,500 during the first year of the initiative. In 2009, Congress increased the amount first-time buyers could earn to $8,000.

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Thinking of buying your first home? You’ll need to save at least as much for the down payment and closing costs. But there is also a host of things-federal and state grants, tax credits, and.

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Then, multiply by your county’s current tax rate. If your home’s assessed value is $230,000 and your current tax rate is .8352, the calculation will look like this: 230,000 / 100 = 2,300 x .8352 = $1,920.96, which represents your current annual property taxes.

Selling a House. The gain from your home can be tax-free up to $250,000 if single or $500,000 if married. For more information about this exclusion and requirements to claim the exclusion, IRS Publication 523 "Selling Your Home" is a great place to start your research.

If you're a homeowner, get a tax credit for buying a house, actually several, in the form of deductions and credits for home mortgage interest.

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Luckily for anyone looking to take the plunge into buying a home, Uncle Sam has several tax breaks in place to help homeownership a reality for first-time.

Tax-free profits. It allows homeowners who have used a home as their primary residence for at least two of the five years immediately preceding the sale of their home to avoid paying taxes on up to $250,000 of gains ($500,000 for a married couple). To illustrate, say a married couple bought a home for $250,000.

Buying a home at a tax sale is considered risky. In many cases, you can’t even examine the house from the inside and have to guess on its interior condition.