With all of the tax incentives that homebuyers can currently enjoy, now is the time to consider purchasing your first home. The IRS has made owning more attractive than ever with a number of incentives. Upon purchasing a home, first-time homebuyers and longtime residents can receive a tax credit. The mortgage interest deduction provides continuing tax benefits in future years. Years from now, if you decide to sell your home, the IRS allows an exclusion of a certain amount of the gain from taxable income, allowing your home to provide one final tax benefit.

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