Tuesday, October 21, 2008

First-Time Home Buyer Tax Credit


First-Time Home Buyer Tax Credit at a Glance

  • The tax credit is available for first-time home buyers only.
  • The maximum credit amount is $7,500.
  • The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009.
  • Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
  • The tax credit works like an interest-free loan and must be repaid over a 15-year period.

This credit is really a 15 year interest free loan that is repaid at $500 per year over 15 years OR when the house is sold, retitled, or refinanced. You are not required to claim the credit on your taxes, but if you choose to, this credit can be used to pay for new furniture, upgrades or repairs to the house, or anything that you want to spend it on.

This credit is good for any first-time buyer, on any house, in any state as long as you purchase before July 1, 2009. So, if you could benefit from this credit, now would be a good time to make an appointment with me.

If you would like more information about the First-Time Home Buyer Tax Credit or other provisions in the Housing and Economic Recovery Act of 2008 please give me a call.


Post a Comment