Feb 24 2009

$8,000 Tax Credit

Published by at 12:39 pm under Real Estate News

Many provisions of the new Recovery and Reinvestment Act apply to Real Estate.  The new Tax Credit could be a factor in stimulating home sales.  Our National Association of Realtors (NAR) has presented an overview of the Homebuyer Tax Credit.

Homebuyer Tax Credit – The 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.  First-time home buyers only means you can not have owned a home in the past 3 years. 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.
Chart Highlighting the Major Modifications to the First-Time Homebuyer Tax Credit> (PDF: 309K)

NAR’s Presentation: The 2009 First-Time Homebuyer Tax Credit  (PDF: 319K

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