Opportunity of a Lifetime for First-Time Buyers
Federal Housing Tax Credit newly enacted legislation providing a tax credit of as much as $75,000 for first-time home buyers. Only home purchased on or after April 9, 2008 and before July 1, 2009 are eligible.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. This will be based on percentages of the purchase price.
The credit must be repaid. Home buyers will be required to repay the credit to the government with out interest over 15 years. For example, a buyer claiming a $75,000 credit on 2008 tax return would repay at $500 per year. The owner does not have to begin repayment until 2010 tax return is filed. If the home owner sold the home, the remaining credit amount would be due from the profit on the sale. In the event there was insufficient profit, then the remaining credit payback would be forgiven.
You should talk with your tax consultant to find out how you will benefit. If you need more information please call or e-mail me and I will be happy to send more information.
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