IRS Ruling on My Safe Florida Home Grant is Non Taxable

You may already have heard of this program and many of you may in fact have applied and even had some of the retrofits done to make your home more stormworthy. Today Florida Realtors.org published the article linked below showing that the IRS has determined that the grants are not subject to Federal Income Tax! That is very good news. Even if you elect not to do everything that is reccommended to your home when it is evaluated you will very much benefit from the report that the program sends you on the stormworthiness of your home as it currently sits and what can be done to improve it. If your home is more than 5 or 6 years old it's just about a guarantee there will be some low hanging fruit here - inexpensive things you can do to greatly improve your homes survivability in the next wind event. My own home was built in 1989 - up North that's quite new - but here in Florida it's practically ancient! But the addition of shutters, a new garage door and some other changes really quickly and relatively inexpensively raised it's score. And most of the reccommened additons qualify for matching grant money. So let the state help you bring your home up to snuff! And now you don't even owe tax on the grant money! Send me a note if you want more information. See the article below.

- Mike W.

MY SAFE FLORIDA HOME

Not only can Floridians receive state grants through the My Safe Florida Home program to boost their homes' defenses against storms, but that money is tax-free, according to a ruling issued by the IRS and released yesterday by Florida Chief Financial Officer Alex Sink.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n2-121307.cfm