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10 Tax Benefits of Owning a Historic Property


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FHA Loans
If your planned historic home renovation will help revitalize the neighborhood, you may be approved for additional loans.
If your planned historic home renovation will help revitalize the neighborhood, you may be approved for additional loans.
Steven Puetzer/Iconica/Getty Images

Here's the situation: You've placed a bid on your historic dream property, contingent on inspection. However, the inspection finds $35,000 worth of damage -- a historic setback indeed. Luckily, the federal government has an incentive to see the sale go through, namely that a decrepit, unsellable house or business can drag an entire neighborhood down, while a renovated historic property can revitalize a neighborhood. Accordingly, the Federal Housing Administration (FHA) offers a program to write $35,000 at favorable terms into pending mortgages for the purpose of historic property renovation.

If you're buying a fixer-upper, you might be on your own. But if you're buying a historic fixer-upper, you might be in luck.


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