Tax Credit for Home Buyers is Extended and Expanded…

A refundable credit means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference. All qualified homebuyers can take the tax credit on their 2009 or 2010 income tax return.

Payback Provisions

The tax credit is a true credit. It does not have to be repaid unless the home owner sells or stops using the home as their principal residence within three years after the purchase.

The www.federalhousingtaxcredit.com site has been updated. Check the site for more detailed information on the new tax credit.

Economic Impact… The extension of this credit is also great news for anyone in the market to sell their home as it does create strong incentives to purchasers. It’s also good news for the economy as new home construction, which is sure to be impacted, is a large contributor to the jobs market. New home purchases also contribute significantly to the retail market as sellers get homes ready to sell and buyers dress up and personalize that new home.

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