Great news for all first time home buyers of Laurel, Md. real estate. The federal government will give all first time home buyers a $7500 tax credit the first year they own their home. In fact, this credit is available to all first time home buyers of any Maryland real estate.
What this means is, if you buy a home the government will give you a $7500 credit the first year you are in the home. If you don’t owe any money on your taxes the government will send a check for $7500. If you do owe money, the tax credit will defer some of that debt.
A few important items regarding this tax credit. The $7500 is actually a no-interest loan payable back at $500 a year over 15 years.
One possible strategy for first time home buyers is to borrow the $7500 from a family member and pay them back when they get their tax return. It is a great time to buy a home.