Tax Tip Of The Day: New Tax Credit for First-Time Homebuyers

By Gregg Semanick-New Jersey‘s IRS Spokesperson

Homebuyers may qualify for a new tax credit. The credit applies to primary home purchases between April 9, 2008 and June 30, 2009. The credit may be worth up to $7,500 for either a single taxpayer or a married couple filing jointly. This tax credit must be paid back in equal payments over 15 years. First-time homebuyers are those who have not owned a home in the three years prior to a purchase.

For more information on IRS tax tips, go to the IRS.gov web site at www.irs.gov.