By Coco Clayman-Cook
Are you interested in buying a condominium? The new economic stimulus package has a special enticement just for you. If you have not owned a primary residence in the last three years the new law considers you a "first time home buyer". In some cases you can even own a vacation home and still qualify. If you buy a home this year, before December 1st you can potentially qualify for an $8,000 refundable tax credit.
If you keep your home for more than three years the tax credit does not ever have to be repaid. If you sell within 3 years it does need to be repaid, although there are some provisions for death and divorce.
This is a great incentive for home buyers. There are some restrictions and a salary cap in order to qualify for the credit. If you would like more info about whether you qualify for the tax credit, please contact me. I'll be happy to show you how you can make this tax credit work for you.
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