It was Benjamin Franklin who stated, "Nothing can be said to be certain, except death and taxes." But he didn't realize that if you own property from his era, you can avoid the second. Historic property can be a nightmare -- remember Tom Hanks and Shelley Long in "The Money Pit"? -- but these buildings have civic value. If you're willing to sink money into a historic property, the government is generally willing to help you out on the other side.
Myriad tax incentives exist at the local, state and federal levels to encourage responsible citizens to pony up the costs of upkeep on historic property. In this article, we'll look at some of the best of the bunch, including federal breaks and the most common state and local breaks. Additionally, it's worth checking with your state historic preservation office or a tax attorney experienced with local property tax incentives to see if grants, breaks or endowments exist to help with local historic preservation [source: National Trust for Historic Preservation].
Homebuying Planning Tips
Buying a home is a big step, and it can massively change the way you file your taxes. These articles can help new homeowners get the biggest return on their investment.
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