So what’s the deal with the new Homeowner Tax Credit?
John Spink / jspink@ajc.com
Reading the Atlanta Journal Constitution today, I came across this article related to the new Federal Tax Credit for first time homebuyers as part of the 2008 Housing Rescue Bill signed by President Bush earlier in the year. There may be some confusion over what it is, and I thought I would just let you know some things I thought to be important.
Who qualifies? Someone who has not owned a home in three (3) years.
How much is the credit? 10% of the purchase price, not to exceed $7,500, depending on the homeowner’s inclome.
When must the purchase take place to qualify? After April 8, 2008, and before July 1, 2009.
*The credit must be repaid over 15 years, starting two (2) years after the house is purchased, by adding $500 to the homeowner’s income tax bill each year (if the whole $7,500 credit was used). If the house is sold before all payments are made, the balance is due upon sale.
