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

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.