This is great news! First time home buyers who purchased a home after April 9, 2008 qualify for a credit for 10 percent of their mortgage, up to $7500.00. In addition, this year you can deduct what you paid in real estate taxes and you don't have to itemize like in previous years. Don't be fooled though. The $7500 credit does have to be paid back without interest over the next 15 years. It is basically an interest free loan. So is it helpful or not? I'm not sure.
This information pertains to southwest Missouri and northern Arkansas residents. You're also eligible for a whole list of tax breaks if you were a victim of this year's flooding in both Arkansas and Missouri. That includes housing a flood victim and getting credit for flood related charitable driving.
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