Still smarting a touch from last week's tax bill? Trying to figure out how to make next year’s returns less painful? Maybe we can help a little.
Terrific news, gang: you can buy a rad, historic home AND reduce your tax burden. Sounds like a classic tale, too damn good to be true, but this is real. There are substantial federal and state tax credits that can help offset the cost of renovating historic properties in certain parts of Salt Lake City. The eligibility requirements can get pretty complicated...but we just happen to have a savvy agent on hand with a boatload of experience in this area. Paul Svendsen--whose gorgeous historic remodel below got him just the tax credits we're talking about--has taken several historic properties to task. He's a veritable wealth of knowledge on the subject.
Before tax credits
Credits are available for both commercial and residential properties, and they can be taken by both owner-occupants and investors. The tax savings can really add up (ahem: from 10% to 40%!!!) of your eligible renovation expenses. If you're considering purchasing a historic fixer-upper, but you're concerned with costs, ring us up. If you live in a historic home and have thought about making improvements, do the same. If you're an investor seeking a strategy to generate income and reduce taxes, we'll say it again...get in touch. We'll point you straight to Paul (801.441.8563) and he'll be happy to help you analyze the possibilities (you'll want to consult your tax advisor, too, of course, but we'll get you started).
After Tax Credits
.jpg)
