My Real Estate Blog

Before you file your taxes this year, don't forget about the $7500 tax credit for first-time homebuyers. Designed to help stimulate the housing market, this temporary provision provides a first-time homebuyer (someone who hasn't owned a home in the last three years), a tax credit of up to $7500 for homes purchased between April 8, 2008 and July 1, 2009. The tax credit, which must be repaid over 15 years, is an interest-free loan from the government to help home buyers offset the costs of home ownership.

Here's the best part. The law allows qualified taxpayers to take the credit against either their 2008 or 2009 taxes. This means, if you qualify, you can buy a house this year before July 1 and receive the credit on the 2008 tax returns you're filling out right now. Imagine having an extra $7500 in cash to pay bills or credit cards or even pay for renovations on your new home!   Call me at 707-864-4800 for more information.

Be sure to consult your tax professional!