There is alot of talk about the new stimulus package that was just passed and signed by the President. There are many provisions in this bill that relate to real estate. The biggest was the first-time home buyer tax credit. This tax credit is now $8000 to any first-time home buyer (or if you have not owned a home in the past 3 years) for purchases from Jan.1, 2009 through Dec. 31, 2009. The credit does NOT require repayment.This is NOT a deduction, but a straight credit when you file your taxes. For instance, if you file and owe the government $3000, you will receive a check for $5000.
For information on all the provisions in this bill that are real estate related click the following link
If you know anyone who is currently renting, please contact me so I can help them. This tax credit along with interest rates at a 40 year low and home prices more affordable, NOW is the time to buy.
Please visit my webite to search for properties and more at www.markcorral.com
Keller Williams Realty