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Use New Tax Credit to Help Home Sales
Prospective first-time home buyers who have been sitting on the fence now have a significant financial incentive to explore the opportunities available in today’s housing market.
H.R. 3221, the Housing and Economic Recovery Act of 2008 – which has just been passed by the Congress and now is on its way to President Bush for his signature – allows first-time home buyers to take a $7,500 tax credit from the purchase of a single-family home, townhome or condominium apartment.
Any home buyer who has not owned a home during the past three years and is a U.S. citizen who files taxes is eligible to participate in this program. (Some home buyers who are not citizens may also qualify; see #14 in the questions and answers section.)
To qualify, buyers must actually close on the sale of the home on or after April 9, 2008 and before July 1, 2009. The original eligibility period expired in April 2009, but following a major grassroots campaign from NAHB members, the period was extended to enable home builders to include the credit in their sales and marketing next spring and into the early summer – the peak home buying season.
The program does have income limits. Single or head-of-household filers can claim the full $7,500 credit if their adjusted gross income (AGI) is less than $75,000. For married couples filing a joint return, the income limit doubles to $150,000.
Click here to download and read full article
Or get more information at this National Association of Home Builders link: www.federalhousingtaxcredit.com