$8000 Tax credit info and scenarios
There's a nice windfall for some homebuyers in the economic stimulus bill signed into law this week by President Obama. First-time buyers can claim a credit worth $8,000 - or 10% of the home's value, whichever is less - on their 2008 or 2009 taxes.
A big plus is that the credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of witholding they paid during the year plus anything extra they had to pony up when they filed their returns - was less than that amount.
To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.
Check out this article about the new $8000 Tax Credit for "First-time homebuyers" at
http://realestate.yahoo.com/promo/final-score-8000-for-homebuyers.html