We finally have a breakdown on the new revised 1st time home buyers tax credit.
A couple of key points: The tax credit is extended to purchases made before
December 1st of 2009.
It is still a tax credit of 10% of the purchase price of a home, up to $8000. (If you
purchase a $100,000 home the limit on the credit you'll recieve is $8000.)
Also, the home must be used as your primary residence. (No tax credit for investor
purchases.)
I have a chart on my website in PDF version that is available for downloading for those
of you who would like a closer look at the revised tax credit.
What I really like about this version (compared to the $7500 tax credit of last year) is
that this is a true tax credit. It is NOT a loan, and will not have to be repaid to the
government unless you sell the home within 3 years.
If you have any questions about this first time home buyer tax credit please don't
hesitate to contact me. I'd be happy to go through it with you.
~Kris Wales~ A partner for your real estate needs in Macomb County MI
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