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The "First-Time Homebuyer Tax Credit" broken down. FYI

First-Time Homebuyer Credit

•Establishes a first-time homebuyer refundable tax credit equal to 10% of the purchase price of a principal residence, not to exceed $7,500.

•This is a tax credit claimed on the Federal income tax returns.

•This is not a down payment assistance that can be used at closing.

•Requires taxpayers receiving the credit to repay it over 15 years in equal installments by imposing a surcharge on the taxpayers' annual income.

•Allows the credit for purchases on or after April 9^th, 2008 and before July 1^st, 2009.Phases out the credit for taxpayers with incomes over $75,000 ($150,000 for joint returns).

Aaron Abed
Sr. Mortgage Banker
Email: AAbed@LakelandMortgage.com
Web: www.AaronAbed.com
Direct: 952.908.9425
Cell: 612.386.6575
Fax: 952.224.1862

Posted by Aaron Abed on 10/22/2008 03:18 PM

Comments (3)

Tax Credit for 1st Time Homebuyers in the Mortgage / Finance Channel

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3 Comments on The "First-Time Homebuyer Tax Credit" broken down. FYI

OCT

2008

Aaron,

Thank you for making this simple and understandable. When we write, it may seem obvious, but information is not apparent for everyone. Thank you for your efforts.

I love how the government gives us money and then taxes the money they give. I wish I could run a business that way.

AUG

Good afternoon. Life is divided into the horrible and the miserable. I am from Turkmenistan and too bad know English, tell me right I wrote the following sentence: "Here are some ideas for you to make your preschool esl classes more fun and effective and why you should be using them." Thanks for the help :-(, Terra.

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