New housing relief bill signed by the president included a $7500 tax credit for first time home buyers. This credit also applies to those who haven owned a home in the last three years. The tax credit, which will be applied on your income tax return actually acts as a no interest loan, due in 15 payments. The money needs to be paid back in the form of an additional $500 a year extra on your taxes. If you sell your home before paying your credit back, then the remaining balance will be taken from your proceeds. If there's not enough money in the proceeds to cover the balance of the loan, then the remaining balance will be forgiven.
For more information, including time limits and income restrictions call Shall-Ching Lu with Las Vegas Real Estate company at 702-212-2288.
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