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Diane Reynolds' Blog

By Diane Reynolds | Agent in 04240
  • $7500 Tax Credit for qualifying first-time homebuyers.

    Posted Under: Home Buying in Maine  |  November 14, 2008 8:54 AM  |  1,361 views  |  5 comments
    New, temporary, tax credit for first-time home-buyers. Its key features are:

    A $7,500 Tax credit for quallifying first-time homebuyers. The tax credit is actually equal to 10% of the purchase price of the home, but not more than $7,500. Whereas virtually all houses in this area are priced higher than $75,000, the tax credit is most likely going to be $7,500.

    The tax credit is Time limited. It expires on July 1, 2009. It is a Tax Credit, not an itemized deduction. This means that if you would otherwise be receiving a $1,000 tax refund, your tax refund with the new tax credit would increase to $8,500.

    A first time homebuyer is someone who has not owned a principal residence during the three years prior to the purchase closing date.
 
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