7500 Tax Credit for First Time Home Buyers
First Time Home Buyer Tax Credit Fact Sheet
This was put together by Gregory Brown, Assistant Staff Vice President for Government Affairs of the National Association of Home Builders
Who is eligible
The 7,500 tax credit is for first-time home buyers only.
That is someone who has not owned a home during the past 3 years.
U.S. citizens who file taxes.
Income Limits
Single head of household full 7,500 is their income is less than 75,000. Patial credit if income is between 75,000 and 95,000
Married couples filing a joint return less than 150,000. Partial credit if income is between 150, 170,000
Above those limits it is not available.
Effective Dates for home Purchase
Between April 9, 2008 and July 1, 2009. SHORT TIME FRAME!
Payback Provisions
Tax credit is essentially an interest free laon since it has to be repaid over 15 years at 500 a year starting two years after purchase. If the home is sold proceeds would pay off the loan.
If there was insufficient profit then the remaining credit payback would be forgiven.
For More Details on the tax credit and to see if you or your student qualify go to
http;//www.federalhousingtaxcredit.com/
I hope this helps you better understand this part of the new housing stimulus package. I believe there many people who could benefit from checking this out.
Please call me if you have any questions about buying, selling or leasing real estate. I am the SMU Real Estate Expert. I can be reached at www.SMURealEstateAgent.com or 214-316-9872
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