$8000 First Time Home Buyer Tax Credit

As most of you have heard, a new stimulus bill was recently passed. Included in the bill was an $8,000 tax credit to first time home buyers who qualify. Read some specifics below (provided by NAR).

According to NAR, this new bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

To learn more about the differences between this years credit and last years, click here or on the image below to view the full size chart.





















As always, if you have any questions, please feel free to contact me (Michael@RealAstute.com).