Here are details of the new federal tax break for first-time home buyers:
– It’s for new and existing homes purchased between Jan. 1 and Dec. 1, 2009.
– Buyers get a tax break equal to 10% of the purchase price, up to $8,000.
– It does not have to be repaid. (Last year, buyers got $7,500 tax credits for homes bought between April 9, 2008, and Jan. 1, 2009, but had to repay over 15 years, interest-free).
– Singles must earn less than $75,000 a year. Married couples can qualify with joint annual incomes up to $150,000.
As a real estate professional, it is important for you to know this information for your clients.
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