Good news for first time home buyers. You may defer tax up to $7,500 in your next year tax filings and you get 15 years to pay that tax amount.
First-Time Home Buyer Tax Credit at a Glance
- 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 visit http://www.federalhousingtaxcredit.com/index.html.