Well folks, it is a done deal now...But, not the $15,000 that was originally submitted...See previous blogs Senate passes $15,000 credit for homebuyers..but wait...its not a done deal yet...
Senator Johnny Isakson, a Georgia Republican who sponsored the amendment has said..said. "I'm extremely disappointed the members of Congress negotiating the final package decided to eliminate my $15,000 tax credit for all Americans who purchase a home. I will continue to pursue my proposal as stand-alone legislation..Read more here
Even though the credit is 10% of the homes value, capped at $8,000,(whichever is less), that is still better than getting 0! A big plus is that the credit is refundable.
There are restrictions and changes, some of which are...
To qualify, you have to buy a house between Jan. 1 and Dec. 1 and use it as your primary residence.
You must be a first time home buyer (OR.. you haven't owned a house in at least three years)
The credit won't have to be repaid, unless the property owner sells within three years
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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