Help for First Time Home Buyers! Time to BUY is NOW!
First Time Homebuyers can take a Federal $7500 tax credit (dollar for dollar offset against tax) for homes purchased between 4/8/08 and 7/1/09. If a married couple makes more than $150K, there is a phase out of the amount they will be eligible for. In addition, you can make a special election for a home bought in 2009, to take this credit in 2008.
There are some stipulations: you have to “pay back” the credit over 15 years on your Federal tax return beginning 2 years after your home purchase, and if you sell the home, you have to “pay back” the credit in the year you sell your home.
Please call Lisa Bushur, CPA, if you would like to discuss this credit in more detail. 636-386-1040.
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August 20th, 2008 at 4:32 pm
[…] InfoMean Blog - Articles Directory wrote an interesting post today onHere’s a quick excerpt First Time Homebuyers can take a Federal $7500 tax credit (dollar for dollar offset against tax) for homes purchased between 4/8/08 and 7/1/09. If a married couple makes more than $150K, there is a phase out of the amount they will be eligible for. In addition, you can make a special election for a home bought in 2009, to take this credit in 2008. There are some stipulations: you have to “pay back” the credit over 15 years on your Federal tax return beginning 2 years after your home purchase […]