Tax Credit
Good news for homebuyers? Finally!
First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.
The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.
Related posts:
- Miracle on Main Street-The Housing Tax Credit Today is one of the most significant days in...
- Tax Credit Extension Update The Senate just passed the extension of the federal...
- Extend the Tax Credit! Will the tax credit be extended? This is the...
- Tax Credit-Time is Running Out I thought I would update everyone again in regards...
- Pending Home Sales Increase Just released this morning, pending home sales increase for...
Related posts brought to you by Yet Another Related Posts Plugin.
