Did you know that if you are a first time home buyer or you have not purchased a home in the last three years, you can take advantage of a $7,500 refundable tax credit? This wonderful opportunity will expire on 7/1/2009. The credit has to be paid back over a fifteen year period at $500 per year when taxes are filed. If the home is sold prior to the entire amount being repaid, the balance is paid after closing. If the gain is less than the amount of credit that is owed, then the balance is forgiven. There are income limits...For single taxpayers it is $75,000 and for those filing "Married Filing Jointly", the limit is $150,000. For additional information, give me a call at 843-442-2219 or e-mail me at firstname.lastname@example.org . To search all Charleston area homes, visit my website at http://woodsflowers.com .
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