January 26th, 2009 1:23 PM by Sam Kader
This is the revised Housing Tax Credit on the latest IRS guidelines.
This is the original version of the Housing Tax Credit.
The Housing and Economic Recovery Act of 2008 originally signed by President Bush is being revised as part of President Obama second $825 billion stimulus package. The credit is available for first time home-buyers who purchased after April 9 of 2008 and before July 1, 2009 to claim 10% of the purchase price capped at $7,500 credit. You (or your spouse) must not have owned a primary residence during the three-year period prior to the purchase. The credit is an interest free loan for 15 years. You have to pay it back after 2 years claiming the credit. Annual payment is $500. Though this provision is currently under revision for full credit without future payments.
For further information, please visit http://www.federalhousingtaxcredit.com/index.html
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