$7,500 First-Time Home Buyer Tax Credit

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.

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