Tuesday, December 16, 2008

$7,500 Tax Credit for Chicago First Time Home Buyers

Photo by ickyfingerz

Okay, the Federal Tax Credit applies to all first time buyers... not just Chicagoans. But, I need the key words in my title.

The Chicago Association of Realtors has put together a hand-out you can view by clicking this link.

You need to know that the credit is not permanent. The $7,500.00 deduction, if taken, is paid back interest free on your tax returns over a 15 year period. However, if you put together the current lower purchase prices, current low interest rates and the tax credit; you're looking at a nice incentive package to purchase a home.

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