The Federal government has been very busy this past year and half or so enacting all kinds of legislation. Many changes have been made to mortgage finance tax law. So many that it can be hard to keep track of everything, especially if you’re a first time homebuyer. Don’t despair though. I came across a website dedicated to helping consumers understand Federal Housing Tax Credit. It is geared mostly towards helping first time homeowners understand the tax benefits of their homes. With tax season fast approaching it’s always a good resource to have.
Just to remind you here is a summary of the recent changes to tax credit enacted earlier this year:
- 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.
Be sure to visit the Federal Housing Tax Credit website because they also have a great FAQ section. Where they answer questions to help you understand who is eliglbe for the tax credit, how the refund process works etc. If you’re a first time home buyer and need to learn I would highly recommend this website.