Free money for many homebuyers. What a great deal.
The yet to be enacted into law House Stimulus Bill will provide a windfall for many homebuyers.
Many readers have already heard about the new primary residence purchase credit.
Prior to this bill the House and Senate had approved a $7,500 tax credit for individuals and couples that purchased a new primary residence with some restrictions. And you would pay the money back over 15 years interest free.
The house must be your primary residence.
You must not have owned a home in the last three years.
You must purchase the home before End of July 2009.
The will not be on the 2008 tax return, but the 2009 tax return.
The credit starts to be reduced at $75,000 adjusted incomes for individuals and $150,000 for couples. And goes away at $95,000 adjusted income for individuals and $170.000 adjusted income for couples.
Sounds like a great deal and a plan that may move some homes on the market.
NOW, the new stimulus bill makes it better. YOU DO NOT HAVE TO PAY BACK THE CREDIT. Nothing nada, zip.
The final cost to all taxpayers is not known.
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