| New 2008 Homebuyers get a $7500 Tax Credit |
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A new and exciting portion of the Housing and Economic Recovery Act of 2008 is a tax credit for those buying a home for the first time. It's a chance to get a $7,500 interest-free loan from the government with the opportunity to pay in back over 15 years. To qualify, there are a few things you need to have:
The credit of $7,500 can be taken by eligible taxpayers on their 2008 or 2009 tax return. A credit is the best type of tax benefit because it reduces your tax liability dollar for dollar, wiping out $7,500 of taxes you otherwise would have paid. And if your tax bill happens to be less than $7,500,the difference will be refunded to you.
As great as this sounds, you do need to pay the money back in the amount of $500 every year on your tax return. This takes 15 years. The good news is that you do not have to pay interest on the money. Click Here and discover how TaxBrain can help you make sure your $7500 tax credit is completed effectively and easily for you. |
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