17 February 2009
Details of the credit should appear early next week. There have been some reports printed and this gives an overview of what has been outlined.
FIRST TIME HOME BUYER CREDIT: First time home buyers are eligible for a refundable tax credit equal to 10% of the purchase price of their home up to $8,000. Buyers must make their purchase between January 1, 2009 and December 1, 2009.
Unlike a similar credit Congress provided last year, you do not have to pay this one back over 15 years. The new credit, however does phase out for individuals with income of $75,000 or married couples with incomes over $150,000 who file their tax returns jointly. Also you forfeit the credit if you sell the house within three [3] years.
Buyers who took advantage of the $7500 tax credit last year will have to abide by the old rules - meaning they will have to repay the money.
Information provided by Jeffrey Rice, Regional Sales Manager, Weichert Financial Services
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