
Homeowners receive a number of tax breaks, both long term and with the 2009 Federal Stimulus Package short term.
NEW! Home buyer tax credits extended and expanded. First time home buyers may continue to be eligible for an $8,000 tax credit, and existing home owners who have lived in their principal residence for five consecutive years and are purchasing a home may be eligible for up to $6,500 tax credt. These tax credits are available from November 9, 2009 through April 30, 2010. For more information check out these links from the National Association of Home Builders:
http://www.federalhousingtaxcredit.com/
http://www.nahb.org/generic.aspx?genericContentID=128298
An interesting article on homeowner tax breaks from the Wall Street Journal
http://www.smartmoney.com/personal-finance/taxes/a-primer-on-homeowner-tax-breaks-14327/
And another article from Bankrate.com
http://www.bankrate.com/finance/money-guides/homeowner-tax-breaks-1.aspx
You can earn tax credits by saving energy in your home too.
Energy Tax Credits from the US Dept. of energy: http://apps1.eere.energy.gov/news/news_detail.cfm/news_id=12248
Information from the Internal Revenue Service:
http://www.irs.gov/newsroom/article/0,,id=154657,00.html
Tax credit information from EnergyStar:
http://www.energystar.gov/index.cfm?c=tax_credits.tx_index
Energy tax credit information from the Minnesota Department of
Commerce, office of Energy Security:
http://www.state.mn.us/portal/mn/jsp/content.do?id=-536893811&subchannel=-536895393&contentid=536917970&contenttype=EDITORIAL&programid=
536917846&sp2=y&agency=Energy
Another article from Bankrate.com
http://www.bankrate.com/finance/taxes/tax-breaks-for-home-energy-upgrades-1.aspx