Did you know that you can save as much as $7500 on your first home purchase!
For aspiring homeowner’s who find their goal of home ownership stubbornly elusive, newly enacted legislation providing a tax credit of as much as $7,500 for first-time home buyers might just be the opportunity of a lifetime.
But like so many of the good things in life, time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible.
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
Consult with your tax advisor for more information, or;
For other Law’s and Tax Provisions please check out http://www.federalhousingtaxcredit.com
