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: Home Buyers and Sellers Often Have Very Different Perspectives When Negotiating Repairs After A Home Inspection Should You Round Your Bedroom Count Up Or Down? How To Remove Cigarette Smoke Odors From A House Will You Take Your House Off The Market Over The Winter? Housing Inventory Levels Plummet in December How Much Are You Willing To Compromise To Live In The Neighborhood Of Your Dreams? How To Find Multi Family Properties To Purchase In and Around Harrisonburg I Would Like To Sell But Cannot Find Anything To Buy Detached Homes in the City of Harrisonburg Under $200K Are Harder To Find Will City, County Buy the Denton Building in Downtown Harrisonburg To Expand Courts, Judicial Offices?
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 Dec 10, 2019 (unless otherwise noted).
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