First Time Homebuyer Tax Credit

Congress and President Bush recently passed the Homebuyer Tax Credit which allows first time homebuyers a credit on their income tax return of up to $7500 towards the purchase of a home. This could be a significant benefit for first time buyers because it would reduce their tax liability this year by up to $7500 - if they owed tax on $10,000 the credit would reduce their tax liability to $2500. Hopefully we can help buyers take advantage of this new opportunity!