Wednesday, September 15, 2010

Maryland Real Estate Authority

Maryland Real Estate Authority


Homebuyers Learn They Must Repay Tax Credit

Posted: 15 Sep 2010 02:00 AM PDT

There was a time when people would just buy land and build a house on it. As well all know things are not so simple anymore. A real estate deal is a complicated set of transactions and you want an expert on your side.

It was reported last week that “nearly half of all Americans who claimed the first-time homebuyer tax credit on their 2009 tax returns will have to repay the government.”

Why? This is because those who bought in 2008 were able to deduct either $7500 or up to 10% of the purchase price as part of what the government considered to be an interest-free loan. Many who bought homes in 2008 were not aware of this. People who bought homes in 2009 actually received a credit that was not a loan, so those people will not be required to pay back the money.

There is a lot of detail involved in a real estate transaction and you want to make sure that you really understand all that is involved. All real estate agents are not the same and you really should interview three agents before you select one to represent you in a real estate transaction. If you are interested in Maryland real estate in the Annapolis area, contact top Annapolis realtor John Day. While he would like to work with you, he will tell you that you really do need to speak with more than one real estate agent before you make your decision.

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