Its tax time – Don’t forget your homebuyer tax credit!

As you prepare your taxes this year don’t forget, if you purchased a principal residence between April 9, 2008, and July 1, 2009, you may be eligible for a credit of up to $7,500.

The credit was a provision that was included in The Housing and Economic Recovery Act of 2008. The credit as it stands, is like an interest-free loan from the government and must be repaid over a 15-year period. You must also have not owned another principal residence during the 3 year period ending on the date of purchase. If you believe you may qualify, make sure to talk with your accountant to see if you can take advantage of this credit.