Tax Breaks: What Santa Monica Realtors and Homeowners Should Know

A tax deduction is a certain amount to be subtracted from your income while a tax credit is an actual reduction for taxes due. A refundable tax credit means you get money back. Santa Monica Realtors and Homeowners will benefit from knowing this.

Image via WikipediaTax breaks for homeowners include the following. A percentage in tax credit is given to homeowners who have energy generating homes, like solar, geothermic, or fuel energy.

A tax break is given to defaulting homeowners meaning if the lender has forgiven debt, this is no longer taxable.

Tax credits are also given to first-time home buyers, repeat homebuyers to bring some relief in the housing crisis. Specific qualifications are stated to compute these taxes breaks and for those who are eligible for tax credit.

Your Santa Monica Realtor or your tax accountant can help answer further questions.

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