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What is a first time home buyer tax credit?

In: Mortgages, Home Equity and Refinancing, Home Buying [Edit categories]

Answer:

Tax Credit to Aid First-Time Homebuyers

If you were a first-time home buyer in 2008, you should know about and begin to plan for a new tax credit that was recently put into place.

Some details of the credit include:

The tax credit is applicable to taxpayers who purchased homes after April 8, 2008, and before July 1, 2009.
The First Time Homebuyer tax credit will reduce the taxpayer's tax bill or will increase their refund, dollar for dollar.
The homebuyer tax credit will be paid to eligible taxpayers even if they don't owe any tax or the credit is more than what they owe.
This tax credit works almost like an interest-free loan in that it has to be paid back over a 15-year period.

This information was provided by: http://www.efile.com/tax-deduction/mortgage-deduction/first-time-home-buyer-tax-credit.asp

First answer by JasonK247. Last edit by JasonK247. Contributor trust: 1 [recommend contributor ]. Question popularity: 2 [recommend question].

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