New Tax Incentive for First-Time Home Buyers
The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time home buyers. To qualify for the credit, a home must be purchased between April 9, 2008 and before July 1, 2009, and buyers must meet income restrictions. This tax credit combined with still relatively-low interest rates and house prices at a 5-year low make now a great time to enter the real estate market for the first time!
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2 comments:
The tax credit is actually an interest free loan that the homeowner has to pay back. Also people have to buy their homes within a year, and I think that's pretty sad.
Although a loan does not start out as income to the borrower, it becomes income to the borrower if the borrower is discharged of indebtedness.
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