$7500 Tax Credit for First-Time Homebuyers

Do you qualify?

Congress has just approved a tax incentive in order to spike up the volume of first-time homebuyers.  They have approved a $7500 tax credit for first-time home buyers that will either result in a tax reduction or may help you get a refund.  First-time homebuyers beware!  This credit goes away July 1, 2009 so don’t delay  and miss out!  This is a great incentive so hopefully the real estate market will get a positive influx of new buyers.  Of course there are all kinds of qualifications and stipulations.  Individuals cannot make more than $75,000  per year and married couples no more than $150,000.  The tax credit is 10% of the price of the home up to $7500 so if you purchase a home that costs $65,000, you will qualify for only $6500 of the tax credit.  This is a fairly complicated credit so you must do your homework to ensure you qualify.  I want to point out that this is not “free money.”  You will be required to pay Uncle Sam back over 15 years.  So what you are really getting in this refund is an interest-free loan with generous repayment terms.

For more information, please send email to info@buytampafl.com. Also check out the Q&A guide concerning this tax credit from the National Association of realtors.

Looking for a new home?  Go to www.buytampafl.com for a list of all available homes in the Tampa/St. Petersburg area.

Tags: first time home buyer, real estate, Tampa Real Estate, tax credit