What is the $8,000 Homebuyers Credit? PLUS $10,000
Homebuyers Credit contained in the stimulus bill that President Obama is supposed to sign today:
1. Tax Credit of $8,000 for purchase of home
2. No repayment required
3. Must purchase home between Jan1 2009 and Nov 30 2009
4. Must be “new home buyer” = no home ownership in last 3 years
5. Income restriction: 75k for singles, 150k for married
You can get an additional $10,000 if you buy a new home. The IRS says it's available for qualified buyers who on or after March 1, 2009, and before March 1, 2010, purchase a qualified principal residence that has never been occupied. The buyer must reside in the new home for a minimum of two years immediately following the purchase date.
Plus, California is working on getting this cash into your hands, rather then when you do your taxes.
1. Tax Credit of $8,000 for purchase of home
2. No repayment required
3. Must purchase home between Jan1 2009 and Nov 30 2009
4. Must be “new home buyer” = no home ownership in last 3 years
5. Income restriction: 75k for singles, 150k for married
You can get an additional $10,000 if you buy a new home. The IRS says it's available for qualified buyers who on or after March 1, 2009, and before March 1, 2010, purchase a qualified principal residence that has never been occupied. The buyer must reside in the new home for a minimum of two years immediately following the purchase date.
Plus, California is working on getting this cash into your hands, rather then when you do your taxes.
posted by Mike Bell at
10:59 AM
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