Top Real Estate Services in Dearborn, MI 48124

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Prudential Select Real Estate

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Thank you for being part of OutRentHome.com network associated. I pretty much like your business! Keep up your good work! Ryan ...read more

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First Time Home Buyer Credit

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, temoprary tax credit to provide an incentive for first-time homebuyers. The $7500 credit will be available for the purchase of a principal residence on or after April 9th, 2008 and before July 1st, 2009.How does it work?Tax credits are special provisions that reduce income tax liability on a dollar to dollar basis. Credits are claimed on an individual's income tax return. In this case, Congress has created a tax credit for first-time homebuyers. The maximum credit amount of $7500. Thus, if after figuring out all the income items and exemptions and making all the required additions, subtractions, duductions and other items on a tax return a person had total tax libility of $8000, a $7500 credit would wipe out all but $500 of the tax due.Click Here to Read FurtherFor more information on the first-time homebuyer tax credit or any other real estate questions you may have, please feel free to call us at (313) 278-8000 or (866) 737-SOLD. ...read more

By Prudential Select Real Estate November 19, 2008

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