Tax Credit for First Time New Homebuyers

By
Real Estate Sales Representative with Long and Foster

Tax Credit for New Homebuyers

If you are a first-time homebuyer, you could be eligible for new tax breaks.

In July 2008, Congress passed the American Housing Rescue and Foreclosure Prevention Act for first-time homebuyers purchasing a home until July 1, 2009. If you are eligible you will receive a tax credit of $ 7,500 or a credit equal to 10% of the purchase price for homes less than $ 75,000.

 The credit will reduce your tax liability and can be paid back over a period of
15 years. For more information about
this new law and its qualification requirements, check with your accountant or visit the Congress's Joint Committee on Taxation at qqq.jct.com. Search for publication JCX-63-08.

Sources: Online At The Wall Street Journal

Are you a First Time New Homebuyer and looking for a house in Chester County, West Chester, Paoli, Malvern, Exton, Downingtown, Chester Springs Glenmoore, Coatesville, Please call or email me!

 

Comments (0)