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The $7500 (now $8000) tax credit was revised and the revision was definitely better than the previous one: Here are the highlights: · The tax credit is for first-time home buyers only. · The tax credit does not have to be repaid. (this used to be that it needed to be paid back over the course of 15 years) · The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. · The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009. · Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. |
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