Check out this valuable article from the National Association of Homebuilders on the tax benefits of homeownership.  With affordability in the Las Vegas market increasing daily, more and more first time buyers will continue to pursue ownership.  For real estate professionals and potential home buyers, the following offers some great advice and additional resources (click on the links).

Home builders can use new research from NAHB economists as a source of information for their prospective customers on the tax benefits of homeownership.

“Purchasing a home is typically the largest purchase and among the most important financial decisions a family makes,” said Robert Dietz, NAHB’s director of tax issues. “There are numerous factors that influence the home buying decision, and among the most important are the tax benefits that help offset some of the cost of homeownership.”

A March 27 article by Dietz — “The Tax Benefits of Homeownership” — examines how the tax benefits reduce the cost of homeownership for individual home owners and buyers for certain mortgage amounts and income levels.

Those benefits include deductions for mortgage interest and real estate taxes, the capital gain exclusion for the sale of a principal residence and the newly enacted $8,000 first-time home buyer tax credit.

For example, a new home-buying married couple with an annual $80,000 income and initial mortgage of $250,000 can save more than $11,000 in the first five years of homeownership from their mortgage interest and real estate tax deductions.

Assuming the couple resides in the home for 12 years, which is the average period of ownership, these tax savings grow to more than $25,000 for the period they have owned the home. Combined with the capital gains exclusion, the estimated total savings associated with homeownership exceed $52,000 over that span of time.

The research findings have been summarized in an “Opportunity Knocks for Home Buyers” brochure that can be a useful selling tool for builders and marketing professionals in the real estate industry.

Click here for further information on the NAHB Web site on the tax advantages of homeownership.

Consumers can find comprehensive information on the $8,000 first-time home buyer tax credit — available for qualified purchases this year before Dec. 1 — at www.federalhousingtaxcredit.com.