Renovating An Old House Can Yield Tax Breaks Says Forum Post at OldHouseWeb. com
Costs for remodeling old houses can be offset by tax breaks in many states, according to a new forum post on OldHouseWeb. com, a how-to site offering ideas, articles and resources to old-house enthusiasts. The article is just one example of how forum members share resources with other members.
Salt Lake City, UT (PRWEB) July 30, 2007
A new forum post on OldHouseWeb. com, a how-to site offering ideas, articles and resources to old-house enthusiasts, tells how the cost of remodeling old houses in many states can be offset by tax credits. The Old House Journal article "The State of Old-House Real Estate" is one of many resources that forum members share with one another through the forums at OldHouseWeb. com (http://www. oldhouseweb. com/newBB/topic-14113.shtml (http://www. oldhouseweb. com/newBB/topic-14113.shtml)).
S Melissa, an active forum member with almost 2,000 posts to the OldHouseWeb. com community forum, posted a link to the article knowing that other forum members would find the information useful: "While my impression is that most of us will be carried out rolled up in our Oriental rugs we bought from eBay with a toe tag … It does bear thinking about in terms of what kind of mess we leave our ever-loving children or heirs. And if the circumstances should occur that any of us have to sell for financial or health reasons--things that "come up"--I thought you might find this general information of interest (http://www. oldhouseweb. com/newBB/topic-14113.shtml (http://www. oldhouseweb. com/newBB/topic-14113.shtml)).
According to the article posted to the forum, a total of 23 states offer such credits which can be used to offset state income tax liability for renovations of eligible homes in historic districts. Some states offer at least a 20 percent tax credit with caps in excess of $40,000 for properties in historic districts, and other states permit homeowners to sell unused credits to third parties. Maryland topped the list of states with best tax incentives and even refunds unused portions of credit to homeowners. The article points out that qualifying criteria and conditions differ from state to state and also warns, "Few states guarantee that funding will be there even for homeowners who qualify, and to qualify you'll probably need to spend money hiring an expert who can ensure that the restoration is done properly."
The OldHouseWeb. com forum is an invaluable and constantly expanding dynamic resource. There, old-house owners can post questions or search for ready-made answers amongst the thousands of archived 'threads.' Subjects range from how to update electrical wiring and fix slate roofs to getting rid of bats. Proud homeowners can also show off their properties by posting photographs to the forum, providing visible inspiration and ideas for others.
OldHouseWeb. com is a complete old-house remodeling interactive Web site offering old-house enthusiasts how-to resources spanning several industries from cabinetry to architecture. OldHouseWeb. com includes before and after renovation pictures, feature articles, a product showcase and an active forum featuring thousands of questions, solutions and successes.
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