Tagged : homebuyers

This week the U.S. Senate approved an amendment to the Stimulus package that provides a tax credit up to $15,000 to anyone purchasing a home between January 1st, 2009 and December 31st, 2009. The tax credit is equal to 10% of the total purchase price up to a maximum of $15,000. For example, if you purchase a home for $150,000 (or more), you would be entitled to a $15,000 tax credit. Current law provides up to a $7,500 tax credit to a first-time home purchaser. The new amendment, if passed, would apply to all home buyers whether they are first-time home buyers or not. Also, the newly proposed $15,000 tax credit would only require repayment in the event the taxpayer sells the home within 24 months of purchase or does not use the home as the taxpayer’s