What Would You Do With $7500?
If you buy your first home by the end of this year, you could be eligible for the credit on your 2008 tax return. So what would you do with that money? Let's talk investments. You can put it in savings and let it gain interest while you pay it back $500 at a time at no interest over the next 15 years.
Some may choose to use the money to pay bills: You could put it towards your new mortgage, your school loans, or pay off credit cards. If you borrowed the down payment for your home, the tax credit could pay that money back to prevent you from being indebted to a family member.
On a more exciting note, your brand new home presents many opportunities to put that money to good use -- renovations and upgrades, new furniture. Another opportunity you can take is to travel. What better time to see Italy, or New Zealand, or to take the family on a cruise? There are no restrictions on what you do with the money. Once you file your taxes and get your return, the possibilities are endless.
If you're considering buying a home and want to be able to file for the credit on this year's taxes, you must close on your new home by the end of the year. Please call me at 940.224.0881 to discuss ASAP.
