The Federal Tax Credits Blog

Posts Tagged ‘time’

Question: How does the 7500 tax credit for first time home buyers work?

I know that is actually an interest free loan that has to be paid back, but exactly how do you get the money? Also, my husband and I just purchased our first home through fha. We used the down payment assistance program for our downpayment. Are we still eligible?

Answer: This site offers the details:

http://www.federalhousingtaxcredit.com/glance.php

If you have just purchased, then you fall right in the TIME requirement that your purchase close date be from April 9, 2008 and before July 1, 2009. There are income level qualifications, and a requirement that you be a ‘first time buyer’, among other variables which affect the qualification. Read the above web page for all the details.

For a final word, consult your tax accountant. Turbotax is a good reference. And IRS is the final authority.

Property owners sue over CRA: Some west side residents fighting to get off 2010 tax list

LORAIN — More than 100 west side Lorain residents are asking Ohio’s highest court to force Lorain County Auditor Mark Stewart to forgive their property taxes.

Time is Running Out! – 2009 First-Time Home Buyer Tax Credit – How it Works!