First Time Home Buyers Get A $7500 Tax Credit

http://oceanadesigns.net/images/granite/black-pearl/black-pearl.jpg Great news for all first time home buyers of http://versatilegrannyflats.com.au/about 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.

http://oceanadesigns.net/envira/autumn-swirl/ 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.

 

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