$7500 Clarification

Some information has been disseminated regarding the Economic Recovery Act of 2008 and the $7500 Tax Credit, which is included in its provisions. However, there has been some misinformation presented and additional misunderstanding on the part of many people. Hopefully, the points presented here will clarify some of the confusion.
First, the $7500 Tax Credit is dollar-for-dollar reduction in either the 2008 or 2009 income tax for first-time homebuyers who purchase a home before July 1, 2009. First-time buyers include anyone who has not owned a home during the past 3 years. There are income limits and some other restrictions, but, many people are eligible for the $7500.
Also, the Tax Credit must be repaid over the next 15 years, but, the mortgage interest deduction will almost always more than offset the repayment amount.

To learn more about this valuable opportunity, contact your tax advisor or Sarah at slaunchbaugh@cbtulsa.com