Homebuyers have you heard about the tax credit the government is giving you if you buy a house? As part of the Housing and Economic Recovery Act of 2008, a first time home buyer credit is now available.
Who is eligible? First-time homebuyers who purchase a home between April 9, 2008 and before July 1, 2009 are eligible. A first-time homebuyer is defined as a person who has not owned a home in the past 3 years.
How does the tax credit work? The homebuyer tax credit will reduce the total amount of taxes you owe. When you file your taxes for the year you purchased your home, you will be able to subtract the amount of the credit from your Federal Income Tax liability, increasing the size of your refund or reducing the amount you owe.
How big is the tax credit? The tax credit is equal to 10% of the purchase price of your home up to $7500.
Does the money have to be paid back? Yes. The tax credit amount you receive will need to be paid back interest free over a period of 15 years.
For more information about the tax credit please visit http://www.ChrissyMoock.com and click on tax credit. Or simply call me at 330-936-2519.
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