I just read an article that stated that 77% of first time homebuyer have NOT heard of the new legislation that allows for a credit up to $7500 when purchasing a home for the first time (or with a 3 year period of not owning a home).  That tells me that it is up to those in professions related closely to Real Estate to spread the word.

In essence, the program works like this....

First-Time Home Buyer Tax Credit at a Glance

• The tax credit is available for first-time home buyers only. (See frequently asked questions below to see the definition of first-time home buyer).
• The maximum credit amount is $7,500.
• The credit is available for homes purchased on or after April 9, 2008 and before
  July 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
• The tax credit works like an interest-free loan and must be repaid over a 15-year period.

More great information from the NAHB (National Association of Home Builders)

Tax Credit at a Glance

Frequently Asked Questions

The Law's Other Provisions

Please contact us if you have questions about this or other real estate related issues. We strive to provide the most up to date and relevent information for you.

The Kuttner Team at RE/MAX Professionals is providing the information on this web site for general guidance only. The information on this site does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind nor should it be construed as such. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action on this information, you should consult a qualified professional adviser to whom you have provided all of the facts applicable to your particular situation or question. None of the tax information on this web site is intended to be used nor can it be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.