New Improved First-Time Home Buyer Tax Credit
Written by Gary Kline
Sunday, 03 May 2009 23:23
Owning a home can result in many tax advantages such as deducting mortgage interest and real estate taxes if you itemize deductions.
The government’s recent attempts to stimulate our economy have included additional tax advantages for some first-time home buyers. In July 2008, Congress enacted a tax credit of up to $7,500 for some first-time home buyers. The 2008 tax credit required the taxpayer to repay any credit received over time which essentially made the credit equivalent to an interest free loan.