Some of you may have heard about the $7,500 Tax Credit that is being offered to first-time homebuyers. If you haven’t, I’ll give you a quick rundown: First-time homebuyers, defined as those people that haven’t owned or bought a home in the last three years, can qualify if they closed on a home between April 8, 2008 and June 30, 2009. Currently, the credit has to be paid back over fifteen years (starting two years after you file), so it is more like a zero interest loan, but congress is trying to make it a true credit without a payback and they are trying to increase the tax credit to $15,000.
The $15,000 tax credit is not yet a law, but it has passed through the Senate and will most likely be signed off in Obama’s Stimulus Package. The major updates will include not having to pay back the credit as well as opening it up to anyone buying any home, not just first-time homebuyers. The time frame of the $15,000 credit will piggyback the current tax credit and may possibly be extended to the end of the year. So those of you that have already purchased a home may be able to amend your taxes and get your tax credit. Of course, everyone’s tax situation is different so don’t do your taxes based on this blog. Instead, talk to an accountant.
I’m following this closely and will keep you updated via this blog, but if you have any questions, please give me a call.
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