homebuyer: First-Time Homebuyer Credit
- 10/22/08 02:34 AM
The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time home buyers purchasing homes on or after April 9, 2008 and before July 1, 2009. This is a great opportunity for first-time home buyers. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. The home buyer is required to repay the credit to the government without interest over 15 years or whenever they sell the house. First-time home buyer is defined in the law as a buyer who has not owned a principal residence during the three-year period prior to the purchase. … (0 comments)
The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time home buyers purchasing homes on or after April 9, 2008 and before July 1, 2009. This is a great opportunity for first-time home buyers. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. The home buyer is required to repay the credit to the government without interest over 15 years or whenever they sell the house. First-time home buyer is defined in the law as a buyer who has not owned a principal residence during the three-year period prior to the purchase. … (0 comments)
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