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Residential real estate tax credit important for South Carolina

There are always ways to save money when you buy or update your home. When working with residential real estate, you might be familiar with the federal tax credits or deductions related to becoming a homeowner. This article from April 6 discusses the new Mortgage Credit Certificate and why you should want to know about it in South Carolina.

According to the story, this new tax incentive has not been discovered by as many homeowners in South Carolina as it should have been. The credit, which is a federal tax credit that can rebate 30 percent of the interest you've paid on your mortgage loan for the full length of time you own your home, could add up to a real savings. There is a cap on the credit, but that's at a high $2,000 per year.

The best part about this mortgage loan is that if you live in your home for a long period of time, you will continually be able to receive the credit. The article explains that if you live in your home for 10 years, you could receive up to $20,000 back. How does that work? Fortunately, this is not a tax deduction, but instead it is a tax credit. That means it reduces your tax owed to the government, allowing you to either reduce your taxes by $2,000, or if you owe nothing, get up to $2,000 back in your refund.

When you buy your home, you need to get the Mortgage Credit Certificate. After you've purchased or refinanced, you'll be unable to get the MCC. In South Carolina, most people would qualify for the MCC based on their home ownership, but because the MCC wasn't available until 2013, many people were not notified of the option. According to the news, just 43 people had the credit in March 2014. This program is for first-time homebuyers, but in South Carolina, you will be considered a first-time buyer as long as you have only one principal residence.

Source: The Post and Courier, "Every S.C. homebuyer should know about the mortgage credit certificate, but few do" David Slade, Apr. 06, 2014

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