Wednesday, February 25, 2009

Stimulus Bill $8000 First Time Home Buyers Tax Credit

Stimulus Bill Sec 1600 Page 24 of 575 pages
Conference Agreement Page 19 of 285

Ammends the previous tax credit/loan to an $8000 tax credit ($4000 if married filing seperately) or 10% of the purchase price whichever is less. No longer a loan. No Longer Does the Tax Credit Need To Be Paid Back. Only available from December 31, 2008 through December 1, 2009.

If you took the tax credit/loan last year do you have to pay it back? Looks like you have to live under the terms of the 15 year no interest loan.

First time buyer is defined as, having not owned a home in the last three years. You must make less than $75,000 if your single, $150,000 if you are married. The credit phases out if income is higher. Have not been able to figure how the credit phases out

If you sell or rent your house in the 36 months after you purchase you will have to pay back the credit.

1 comment:

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