The first-time homebuyer’s tax credit is now worth $10,000 for those who purchased a home after 2021, up from the previous $5,000.
The annual expense limit for the home accessibility tax credit, which allows seniors and homeowners with a disability to offset costs put towards making their residences more accessible, is also now doubled to $20,000.
Now for the not so good news......New Anti-flipping taxation.....effective Jan. 1, 2023, this Tax targets homeowners who sell their homes without living in them for more than a year. It will not apply to homes sold in 2022. Those who bought a home last year, whether they intended to flip the home quickly or not, will need to keep the new rules in mind if they need to sell in 2023. However, there are some exemptions for extraordinary situations, like career move or sudden death.