Home Buyer Tax Credit

I send you to this page from New Quest City since it the clearest article I have seen thus far to the effect on Real Estate of the American Recovery and Reinvestment Act of 2009. Primarily directed at Buyers, I note that which is good for Buyers serves the Sellers as well. More Buyers, more sales!

Highlights:

1) If you have not owned a home for 3 years, you are a first time Home Buyer!
2) You can get up to $8,000 tax credit (not deductions, but money to pay taxes).
3) You do not have to repay the $8,000 if you keep the home for 3 years.
4) You must close the sale in 2009.

There is more, so read the articcle.

First Time Home Buyer Tax Credit

There are no doubt questions still not answered but a 1,000 page Congressional Bill does take a bit of time to digest and understand.

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