$$$$$$$The congress is not quite there yet but it appears that they may transform the tax break into a true tax credit the the first time home buyers or others.$$$$$$$$$
It could be that the $7,500 is more like and interest-free loan than a true federal tax credit." Kenneth R. Harney writes. The home owner would have to pay the federal tax credit back over a 15 year period.
Some properties I would not have imagined would qualify, that is to say, trailers, houseboats could qualify if they have full living facilities and are tied up to a marina and it is your primary residence.
Sot a home buyer would not qualify if they had purchased a home within three years ago.
The home buyer would need to make their home purchase this year to take advantage of this and there is a Form 5405 for home buyers interested in this. Of course, there is a form.
Keep Watch for the great news that could generate 202,000 more property sales this year.
The article mentioned that the time period could be extended to the end of the year 2009 which would help even more.
Looking forward to hearing good news from congress, imagine that.
From An article I read in today's Boston Herald by Kenneth R. Harney http://www.bostonherald.com | real estate
Pat Baker, Real Estate Expert - Needham, MA: Coldwell Banker Residential Brokerage. Serving my clients in Needham, Dover, Wellesley, Weston, Westwood, Sherborn, Holliston, Millis, Medway, Medfield, Dedham, Natick, South Natick, and Newton.
617-453-3471 www.patannbaker.com
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