Monday, February 16, 2009

Suzy Trotta Blogs on the "New Homebuyer Tax Credit"

New $8,000 Homebuyer Tax Credit

February 15, 2009

Courtesy of the National Association of Realtors - yes, I always knew they were good for something- we finally have the details of the new home buyer tax credit from the recently passed stimulus bill, or the “American Recovery and Reinvestment Act of 2009″ as it is now officially called.

According to the NAR:
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. 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.

There is also a PDF file on the site with a table highlighting the differences between the old $7,500 tax credit and the new one.

Check out "Allaround Ktown" by Suzy Trotta [HERE]

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