The $8,000 tax credit is part of the economic stimulus package. Understanding who can use it and under what circumstances is critical. The Knowles Team is pleased to provide clarification.
The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.
The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation. Contact us and we can direct you to knowledgeable accountants and attorneys.
Click here to browse answers to 21 of the most frequently asked questions. Get the clear definition of first-time home buyer (see answer #2), learn that you (usually) don't have to pay it back (see answer #8), and learn that the Feds might even send you a check for any unused credit (see answer #11).
The Knowles Team is available to help you with your real estate questions, answer your questions about financial stress, and to lend an ear if that's all you need! The Knowles Team can help during these painful times.
The Knowles Team
When Trust and Experience Matter
(206) 653-0085
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