Don't forget about the $7,500 tax credit

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Don't forget about the $7,500 tax credit
By Scott Rogers • January 28, 2009 Filed In: buying, opportunity, taxes
In talking to one of my clients today, he commented that he thinks a lot of potential buyers have forgotten all about the $7,500 tax credit. I agree! Here is a quick reminder of the basics... If you haven't owned a home in the past three years, you have a great opportunity to save $7,500 on your 2009 income taxes. To pull of this credit you'll need to buy a home before July 1, and you'll then be able to claim the $7,500 tax credit on your return that you would file at the beginning of next year. There is some fine print, available at the IRS web site, which includes the fact that you will be paying the $7,500 back over a 15 year period. It is rumored that the repayment aspect of this tax credit may disappear as a result of upcoming economic stimulus changes, and even if it doesn't, you still will have a net savings of over $4,000. Receive updates from HarrisonburgHousingToday.com via e-mail: Enter your e-mail address: Recent Articles: There Might Not Be Anyone To Blame For Urban Flooding in the Lake Shenandoah Watershed Area Building A Budget When Buying A Home Choose A New Route to Starbucks (Scheduled Turning Restrictions on Port Republic Road) What If You Could Build A Duplex On Every Single Family Home Lot? Summer Is Fading Away. Home Sales Are Not. Should You List Your Home in August or September or October? If You Are Not Able To Buy Quite Yet Should You Still Start Looking At Homes? Arranging the Timing and Logistics of Selling, Buying and Moving Sometimes Buyers Will Find It Difficult To Make Rational Decisions About Home Inspection Findings Consider Purchasing a Home Warranty Depending on the Age of the Systems of the Home
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Aug 19, 2019 (unless otherwise noted).
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