$8,000 Tax Credit for First-Time Home Buyers
Posted by Paul Eskildsen on Tuesday, February 17th, 2009 at 8:16pm.The economic stimulus package passed by Congress last week, and signed into law by President Obama today, includes a provision that will be of value to those buying their first home. First-time buyers who buy a primary residence between January 1 and December 1, 2009, are eligible for up to an $8,000 credit on their Federal Income Tax. Unlike the $7,500 credit which it replaces, the new credit does not have to be repaid unless the home is sold within two years.
First-time buyers are already driving the action in the Orange County real estate market, and this new provision in the law will reinforce that trend.
The tax credit is phase out for buyers who's adjusted gross income exceeds $75,000, or $150,000 for couples filing jointly.
Click here for details of all tax relief provisions and here for all spending provisions in the bill.
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[...]County Real Estate Market - Conrgatulations! Hopefully, you have also qualified for the First Time Home Buyer Tax Credit and have received your benefits.Check out this short video message regarding the Tax Benefits of[...]
Posted on Monday, September 21st, 2009 at 8:14 PM.