First Time Home Buyer Tax Information

The most first time home buyer tax information found on the net. Find the tax information you are looking for here.

One thing that many people do not think about when buying their first home is the tax information.

The first would be the $8,000 tax credit you can receive if you make your purchase during the 2009 year. It is said that this credit is to be 10% of the purchase price but it can go no higher then $8,000. This is a credit that doesn't have to be repaid so this is a real treat for home owners. There are income requirements that need to be met to qualify for this tax credit. You can make no more then $75,000 for a single person and no more then $150,000 for a married couple. It is said that a person must own their home for at least 3 years in order to get the full benefit of the tax credit and be a first time home buyer.

There is another tax benefit that is a first time home buyer tax perk. Many times, first time home buyers need a little extra help to get that house they want. This is generally in the area of coming up with the down payment. The government offers a one time loan to first time home owners that made their purchase between April 9th of 2008 through July 1st of 2009. This is an interest free loan that doesn't have to be repaid right away. If you qualify, you will have to repay the loan within 15 years so this is an ideal solution for many first time buyers.

One other first time home buyer tax perk that many are not aware of is the Homestead exemption. This is for first time home owners and it helps to protect their family in more ways then one. The first benefit that you will see with this tax credit is lower property taxes. This can only be used if you are a first time home owner and you reside in the home. This exemption also protects your spouse in the even that something should happen to you. The home cannot be sold in a forced sale to pay the creditor and the exemption is there to give your spouse shelter.

There are many types of first time home buyer tax incentives but most people are not aware of them and sometimes may miss out on them. While the homestead exemption may not be available in all states, the other tax credits are there for all new home owners if they qualify. Get the most out of your new home by taking advantage of the tax benefits that are available to you.

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