First-Time Homebuyer Tax Credit

On July 30th, President Bush signed a major housing bill (H.R. 3221) into law. As part of the housing bill, Congress has created a new, temporary tax credit to provide an incentive for first-time homebuyers. The $7,500 credit will be available for the purchase of a principal residence on or after April 9th, 2008 and before July 1, 2009.

Caveat: This information is accurate based on information available as of July 30, 2008. As with any tax law change, check with a tax advisor if there are questions about using this provision.

For additional details on this first time home buyer credit, please click on this link for Frequenly Asked Questions

This information is provided by The National Association of Realtors.

Jim Starwalt

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Jim Starwalt, Broker Associate RE/MAX Center, Phone: 847-548-2625 Jim@StarHomeFinders.com