First-Time Buyer Tax Credit Provisions
Are you or someone you know a first-time homebuyer? Thanks to this year's Housing and Economic Recovery Act, when you purchase a home you may qualify to receive a tax credit of up to $7500. The credit expires in June 2009; another reason why right now is the best time to be a buyer!
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The Housing and Economic Recovery Act of 2008 may allow first time homebuyers to receive a tax credit of up to $7,500. The credit expires in June 2009. The amount of credit is 10% of the cost of the home, not to exceed $7,500. This credit is refundable and will reduce your income tax liablility for the year of purchase when claimed on your tax return.
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