What Are The Catches For The $8,000 Tax Credit?
To help stimulate the economy, the Senate voted last week to increase the tax credit for buyers from $7,500 (the amount given last year) to $8,000. Before you go out and purchase a new car on credit… you may want to consider a few credentials first.
The credit would give buyers up to 10% of their home purchase price up to $8,000.- The home must be purchased between April 8, 2008 and July 1, 2009.
- Taxpayers who owned a home any time during the three years prior to the date of purchase are not eligible for the credit.
- First time buyers AND those who have not purchased in the 3 years prior are eligible for the credit.
- Vacation homes and rental homes do not qualify.
- There are now income limits for those who will qualify for this loan. Check with your tax professional or the IRS regarding these limits.
*** This data is liable to change. Check with your tax advisor to verify it. Here is another helpful website…. http://therealestatebakery.com/2009/02/24/first-time-buyer-tax-credit-explained-and-updated/
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Thanks for the information. There’s always a catch, isn’t there?
On a side note….is that Bill Nye the Science Guy in the picture?
I thought it was until Dec 1 2009?
Hi Utah Dave
It is. Soon after I wrote this article they made changes to the bill. I wrote about this with next post…
First Time Buyer Tax Credit Explained And Updated
My friend is looking into buying a house, does anyone know if a condo counts as a first home?
The type of ownership does not matter when qualifying… condo or fee simple.