$7500 Tax Credit- Be Informed!

Hello Everyone!


Today, I am going to provide you information on the new $7500 tax credit that is available to first time homebuyers.


First, let's have a little Q&A that will help you be more informed when reading the information:

1. Can everyone claim the tax credit? No. The tax credit is limited to first time homebuyers?



2. Who is a first time homebuyer? A first time homebuyer is defined as an individual that has not owned a home within the past 3 years.



3. Is the credit available to singles and couples? Yes. Income limits have been imposed on the single buyer and the couples. Those are discussed in the message below.



4. May I claim the full $7500 credit? Possibly. You can claim up to 10% of the homes value. The maximum is $7500 regardless of the homes purchase price.



5. Can this credit generate a refund or eliminate my tax liability? Yes. Please refer to the information below.

I feel these pointers will help you better understand the article. If there are questions or concerns, do not hesitate to write me at Utica@UticaBridges.net


Make it an Outstanding Day!




http://www.realtor.org/RMODaily.nsf/pages/News2008100807?OpenDocument&LID=RONav0019