This is an update to my previous post about the proposed $15,000 tax credit for home buyer. The outline of the latest $8,000 tax credit is far from the proposed $15,000. However, it is enhanced from the previous $7,500 tax credit that Congress enacted in July 2008.
The following points are based on National Association of Home Builder web site: http://www.federalhousingtaxcredit.com/2009/home2.html
Please visit the link above for detail information.
Here are the key differences
1. $8,000 tax credit does not need to be repaid.
2. The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
The new $8,000 tax credit is similar to the $7,500 tax credit enacted in July 2008:
1. Only FIRST TIME HOME BUYERS are eligible for $8,000 tax credit.
2. Income restriction: Single taxpayers with incomes up to $75,000 and married couples with income up to $150,000 qualify for the full tax credit.
3. The tax credit is equal to 10% of the home's purchase price up to a maximum of $8,000.
ITS A FANTASTIC TIME TO BUY A HOME!
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