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TAX CREDIT WITHIN THE STIMULUS BILL...
Posted by V.K. [Mel] Melhado P.A. on Monday, February 16th, 2009 at 7:09pm.
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.
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Does this qualifies for me if I owend a house last year..
Posted on Wednesday, February 25th, 2009 at 1:49 PM.