$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 .