Revised First Time Homebuyer Tax Credit
In the American Recovery and Reinvestment Act of 2009 (aka Stimulus Plan), the Federal Government amended the first time homebuyer tax credit given by the Bush Administration in 2008. The new act increases the $7,500 tax credit to $8,000 and will be eligible on home purchases after December 31, 2008 and before December 1, 2009.
The good news is the change where the new tax credit does not have to be paid back.
Now as to all the rules and particulars, I fully recommend that you seek proper tax guidance from a tax professional. My expertise comes in helping you find the home to purchase before December 1st.
Filed under: Buying by Dwight's Real Estate Update