Posted by | Posted in General News | Posted on 05-02-2010
Specifications of the Homebuyer Tax Credit
The Workers, Homeownership and Business Assistance Act 2009, has recently extended the tax credit on newly purchased homes by the first time home buyers. This tax credit extension means that all new houses being purchased by buyers buying a home for the first time can claim a tax credit of up to $8,000. This has been especially done to bring a spurt to the falling real estate market and give some incentive to people to buy homes. Fulfilling certain conditions, this tax credit can be claimed.
These specifications are that the owners of the home must be the first time buyers, that is, they must not have owned a home prior to this for a period of at least three years. Another important consideration is that the houses must be purchased either on or after January 1, 2009 but before April 30, 2010.
The houses that come under the purview of the Housing Stimulus are all types of homes like condominiums, town houses, single family homes, houseboats or manufactured homes that are going to be used as primary residence. These homes, however, must not be purchased from other family members like grandparents, parents, children or spouse and the value of the homes must not exceed $800,000 to avail the tax credit.
