TAX CREDIT WITHIN THE STIMULUS BILL...

Posted by Naples International Group on Monday, February 16th, 2009 at 7:09pm.

tax_relief_512
 

The scale-down of the tax credit within the stimulus package is rather steep having been reduced from the former level of $15,000 to $8,000 or 10% of a home's value for first-time home buyers. This will apply for those home buyers who purchase from the first of the year and will run through the end of November. If you receive a credit and sell the home within three years, you will have to pay it back, as it will now become a loan, otherwise it will revert to being a gift.

Couples will not be eligible if they are making an income in excess of $150,000, nor will single people making $75,000 or more. 

The home builders across the nation were looking for far more and most economic analysts say that with the reduction, any boost will be modest at best.

V.K. [Mel] Melhado PA

Downing-Frye Realty, Inc.


1 Response to "TAX CREDIT WITHIN THE STIMULUS BILL..."

Eddy wrote:
Does this qualifies for me if I owend a house last year..

Posted on Wednesday, February 25th, 2009 at 1:49 PM.



Leave a Comment

Market Report, Free!

GO

Blog Navigation

Blogroll

Archives

Recent Blog Posts

September 2nd, 2010 4:43pmCONSUMER CONFIDENCE RATHER FLAT BUT PENDING SALES UP
Rightfully so, consumer confidence is rather flat and one can certainly attribute that to the fact that there has been no clear cut indication that nationally...Read More
August 30th, 2010 7:46amOLDE NAPLES CONTINUES TO LEAD THE WAY
There are many reason why Olde Naples is one of the most desireable areas of Naples, not the least of which it is the only area of Naples where every ave...Read More