Housing Act helps first time home buyers and real estate agents!
The Housing and Economic Recovery Act of 2008 was signed by President Bush on July 30, 2008. While the primary intent of the Act was to improve confidence and stability in the housing market by providing mortgage relief by keeping American families in their homes, another area of the Act provides a huge tax break for first-time Pasadena home buyers.
First time home buyers (means any individual who had no present ownership interest in a principal residence during the 3-year period ending on the date of the purchase of the principal residence) may receive a tax credit up to $7,500, and for couples using the standard deduction to receive an additional $1,000 deduction for property taxes ($500 for individuals).
READ MORE: How are property taxes calculated on your Pasadena home?
In order to receive this tax credit, the home purchase must take place between April 9, 2008 and July 1, 2009.
This temporary Act was designed to get home buyers who were thinking of purchasing a home to act now to stimulate home purchases, and help home builders and real estate agents sell more homes.
Here are some key provisions of The Housing and Economic Recovery Act of 2008:
READ THE FULL ARTICLE: TAX BREAK FOR HOME BUYERS for eligibility, inocme limits and payback provisions.
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