Time is running out on one of the best opportunities for first-time homebuyers. Provided you can qualify for a mortgage, the IRS will give first-time homebuyers a refundable credit of up to $7,500 on their 2008 income tax return.
To qualify, a taxpayer and his or her spouse cannot have owned a main home within three years of the date of purchase of the new main home. The home has to be located in the U.S.
The credit is the lesser of $7,500, or 10 percent of the purchase price. The home has to be purchased on or after April 9, 2008, and on or before June 30, 2009. You can claim the credit on your 2008 income tax return for a home purchased by the deadline in 2009.
Currently, the credit must be repaid starting in the following year at the rate 1/15 per year. The Obama stimulus package may change this. The payback is accelerated if you sell the home at a gain.
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