Build a New Home and Take Advantage of These 3 Tax Write-Offs

Many tax breaks and incentives are within grasp to you if you build a new home, with Ilcor Builders or any other builder.

Construction Loan Interest

If you new home is primary or secondary residence, you itemized your deductions, and you received a construction loan to build your new home, you can deduct your first 24 months of interest. This deduction applies to the first $1 million of the loan and interest, or $500,000 if you are married and filing separately.

State Sales Tax

You can deduct the state sales tax of the building materials you bought from you federal taxable income, if the amount paid was larger than the state & local income tax. This itemized deduction and cannot be combined with the state and local income tax deduction—so pick whichever is higher.

Federal "Green" Tax Credits

Two federal “green” tax credits are available for those who installed a geothermal heat pump, wind turbines, fuel cells, and solar systems. This credit is for your primary residence only.

 

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