Perfect for the live-in landlord in Fitchburg’s South Side neighborhood.An incredible INVESTMENT opportunity.The main building has 3 units with 3 bedrooms in ea with a 3-bedrm single family split entry in the back.Rare find for this type of property.Units boast old charm with original wood moldings and built-in hutches.Original Hardwood floors throughout, w/original pocket doors.Good rents! Solid home with plenty of off-street parking (easy to rent).Tenants pay own utilities with avail LL storage.Present landlord has been attentive to all the tenant’s needs including window A/C that will convey with property.Fairly new furnaces and HW heaters with blown in insulation and double insulated vinyl doors and windows is a definite plus for efficient heating. 2 porches/ea on first and second floors, deck with the single family. Nice quiet neighborhood with an easy commute to Rt 2, and downtown Boston commuter rail w/plenty of parking. Buyer’s responsible for knob&tube to remove if wanted.

This property features 24 total rooms, 4 full baths, 12 bedrooms, 0.22 Acres, and is currently available for $389,000.

For complete details click here.

One of the biggest benefits to buying a home is that of the tax savings for you. You own a home now, so there’s no more monthly rental payments going out the window. All of your mortgage payments are going towards your financial future. There’s many different types of tax breaks that you can get from owning your home. Many home improvement projects that allow you an extra tax break are hiding right in the fine print! Tax breaks are known as “incentives.” These incentives are essentially what help people to get important things in their homes done without having a order placed on them. There are some hidden things that you may not have known could be used as tax write-offs.  

Energy Savings

From putting solar panels on your home to replacing appliances, there are certain tax breaks that you can get for making your home more energy efficient. There are lifetime caps on these deductions, but on a certain year, you’ll be able to save some extra money on your taxes. Some of the deductions that you might be able to claim include:

  • Air-source heat pumps
  • Biomass stoves
  • Central AC units
  • Water heaters
  • Certain energy-generation systems which include an array of things like water heaters, solar panels, fuel cell systems, wind turbines, and geothermal heat pumps.

You can deduct somewhere in the neighborhood of 30% of the cost of these improvements to your home. It doesn’t hurt to check on the updated standards that are introduced each year by the government. Your accountant can help you to understand your own deductions a bit more in-depth. 

Modifying Your Home For Medical Needs

If you need to modify your home in order to accommodate medical needs, you may be eligible for a tax deduction. The modifications must not increase the value of your home and be medically necessary. If the doctor tells you to lose weight and you put in a home gym, you can’t deduct that. If you need a ramp put in your home for wheelchair accessibility, then that can be deducted. The cost of the modifications generally has to exceed 10% of your adjusted gross income, or 7.5% if you’re over the age of 65. 

What’s Not Deductible

If you have done some major remodeling around your home, it’s sad to say that these improvements probably aren’t tax deductible. On the positive side, you will get a bigger return on your home when you do decide to sell it. This could help you to reduce any capital gains tax that you may have to pay on the sale of the home.

Remember that when you make improvements to your home, you’re doing it first for your own needs. Any tax write-offs that you may get are merely a bonus.

Tagged with:
Set your Twitter account name in your settings to use the TwitterBar Section.