Thursday, February 12, 2009

$8K Homebuyer Tax Credit: the Final Version in the Stimulus Plan

As agreed upon by the House and the Senate:

"FIRST-TIME HOME BUYER CREDIT First-time home buyers are eligible for a refundable tax credit equal to 10 percent of the purchase price of their home, up to $8,000, if they made the purchase after Jan. 1, 2009, but before Dec. 1, 2009."

"[Y]ou don’t have to pay this one back over 15 years. The new credit, however, does phase out for individuals with incomes over $75,000 or married couples with incomes over $150,000 who file their taxes jointly. Also, you forfeit the credit if you sell the house within three years."

Read about this and other Stimulus Bill tax breaks and benefits in Ron Leiber's Your Money.

2 comments:

A Buyer said...

LOL. This is hardly something that a real estate agent can use as a selling tactic in the City/County because the income and price have to be so low!

Cville Buyer said...

True. The second there was talk of a $15k tax credit the local blogosphere was abuzz with wild speculation. It's quiet today however.