First time home buyers have a great opportunity this year with the federal government’s $7,500 First Time Home Buyer Tax Credit. However, a lot of first time home buyers haven’t heard about it or don’t understand how it works. The Illinois Association of Realtors recently released a podcast (17 mins.) that gives a good explanation of the credit. It includes comments from Linda Gould, tax counsel for the National Association of Realtors.
02/14/2009 UPDATE: See “Economic Stimulus Package Includes $8,000 Tax Credit for Home Buyers” for home buyer tax credit revisions.