Well, we aimed high with the homebuyer tax credit provision of the Obama Stimulus Plan, and while we didn't get the $15,000 in an earlier proposal, the result is still better than we previously had.
The bill, which will be signed any day now, provides for an $8,000 tax credit for first-time home buyers who purchase their principal residence on or after January 1, 2009 and before December 1, 2009. The credit, unlike the previus $7,500 credit, does not require repayment. Income limits do apply.
Here's the guts of the credit: the credit wil be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, the unused amount will be refunded as a check to the purchaser.
Contact me if I can provide any more information on this or any other real estate topic.
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