If you are a fist time home buyer, time is running out to take advantage of the $7,500 tax credit you may be eligible for when submitting your 2008 income tax. If you qualify as a first time home buyer, this may benefit you.
•· The tax credit is available for first-time home buyers only.
•· The maximum credit amount is $7,500.
•· The credit is available for homes purchased on or after April 9, 2008 and before
July 1, 2009.
•· Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
•· The tax credit works like an interest-free loan and must be repaid over a 15-year period.
For more information how this could affect you,contact your local realtor, mortgage expert, or a tax expert.