The tax credit in the Stimulus Bill has been scaled down to $8,000 from its previous level of $15,000, or 10% of the value of the home for any first time homebuyers who purchase homes from the start of the year until the end of November. It starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000, and buyers will have to repay the credit if they sell their homes within three years.

There are still many questions about this credit to be answered.

Richard Lecinski

Long Realty Company

Tucson, Arizona

http://rlecinski.longrealty.com

520-834-4663