7500 Tax Credit Info!

For those of you who were are FIRST TIME HOMEBUYERS and puchased a home after April 9th, 2008... You may get a $7500 tax credit when you file your taxes. Before you take my word as 100% accurate, I strongly suggest you confirm these facts with your tax professional. Here's how the program works....

1. A first time homebuyer purchases their home after April 9, 2008 but BEFORE July 1st, 2009.

2. The homebuyer gets to DEDUCT $7500 from whatever taxes they owe. So for example, if you owe $10,000 in taxes, only pay $2500. If you owe only $2500 you'll get a check back from Uncle Sam for $5000.

3. There are income restrictions to this program. You can't make more than $75,000 as an individual or $150,000 as a couple filing jointly.

4. HERE'S THE CATCH..... This is a NO-INTEREST LOAN. In otherwords, this credit must be paid back to the IRS in 15 years at $500/yr. If you sell the home before 15 years is up then you are supposed to pay the outstanding balance of the credit when you sell.

5. HERE'S THE GREAT NEWS... Getting to use $7500 over 15 years for FREE is a great deal. When you factor in inflation, you are actually paying back a lot less than $7500 in today's dollars.

If you still have not purchased a home and you are thinking about it, this is the single best time I have ever seen to buy real estate. The prices are low, the interest rates are low, and the government is sweetening the deal with interest free tax credits!

If you or someone you know is thinking about buying their first home, have them call me. I can get them in a new home with as little as 3% down today!

Seize the day,

Bryce