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tax credit: First Time Home Buyer Tax Credit - 03/02/09 02:49 PM
The stimulus package includes a revison to the credit given to first time home buyers. All of the changes are good!
1. The amount of the credit is 10% of the cost of the home with the maximum now $8000.
2. Applies to purchases of principal residence which close between January 1 and December 31 of 2009. All principal residences eligible: houses, townhouses, condos and co-ops.
3. Major change:  No repayment required! If house is sold within three years of purchase, the amount is recaptured upon sale.
4. Buyers who take advantage of state grants can also take tax credit.
5. … (1 comments)

tax credit: Update on Tax Credit to Home Buyers - 02/13/09 08:49 AM
The current version of the stimulas package passed by Congress eleiminated the proposed $15,000 tax credit for home buyers. Instead, the tax credit which is now offered is $8000 and is extended to the end of 2009. 
In my opinion, this may be a better alternative to many people. The $15,000 would have been taken over a 2 year period. This means that the home buyer would have to owe taxes of $7500 each year taken. Increasing the amount to $8000 is actually more for the first year. This is a generous number and should help many first time home buyers … (3 comments)

tax credit: Economic Stimulus Plan - 02/07/09 03:12 PM
I'll be watching what Congress decides to do this week about the economic stimulus package. Particularly I'll be wanting to see if the $15000 tax credit to home buyers is passed. This credit would be a great boost for the ailing real estate market. Buyers would have an additional motivation to buy and sellers would have an additional benefit to offer. Let's hope our leaders act quickly so we can begin promoting this much needed stimulus.
Bonnie DeCarolis
Weidel Realtors  908-313-5052
… (2 comments)

tax credit: Correction to blog on HR 3221 - 07/30/08 03:11 PM
Yesterday I wrote a blog about HR 3221. Today I corrected some of the information in that blog but thought since some of you have already viewed it, I should also post a correction separately. I took my information for the Library of Congress but the bill was amended since then.
The point I need to correct has to do with the $7500 credit. First of all, $7500 is the maximum credit allowed and is really a loan, not a credit. A first time home buyer is eligible for a credit of 10% of the purchase price up to $7500. The … (4 comments)

 

Veronica DeCarolis

Flemington, NJ

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Weidel Realtors

Address: 405 Route 202, Flemington, NJ, 08822

Office Phone: (908) 782-0100 x 217

Cell Phone: (908) 313-5052

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