UNCLE SAME WANTS YOUR MONEY
Americans who took advantage of the First Time Homebuyer Tax Credit in 2008 of $7500 will have to depart with some money.
You now have to increase your tax liability when filing your tax returns by $500.00. This being the first of the next 15 years of your life,
providing you still own the home in 15 years.
For those who sell their home prior to the 15 year mark, the total balance will be due
the year the house is sold.
The best part of the tax credit is, it is like an interest free loan.
For those who procrastinated and did not use the Tax Credit until 2009 and 2010
you received the new and improved version.
An $8000 Tax Credit that does not have to be repaid as long as you have the property
as your primary residence for 36 months.
This was probably the one and only time procrastination paid off for some.
This blog brought to you by:
WENDY BURDETT
PROSPECT MORTGAGE
WENDY.BURDETT@PROSPECTMTG.COM
WWW.PROSPECTMORTGAGE.COM
CELL (508) 380 -7697
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