Posted by Jace Stolfo on Saturday, February 21st, 2009 at 10:42pm.
[UPDATE: TAX CREDIT EXTENDED] The recently passed stimulus package includes a 10% tax credit of the sales price (up to $8000) for first-time home buyers and those who have not owned a home within the previous 3 years. Unlike the 2008 tax credit of $7500, the 2009 version does not have to be repaid as long as the home is owned for a minimum of 3 years.
A tax credit is much better than a deduction. It's a dollar for dollar reduction on your federal income tax. If you owe less than $8000 then you will receive a refund.
The purchase must occur between January 1, 2009 and December 1, 2009. Check with your CPA to determine eligibility.
Important: This information is deemed reliable but not guaranteed. Verify all information.