Found 2 blog entries tagged as buying.


The new tax credit for first-time homebuyers that's included in the economic stimulus package was far less than the $20,000 the homebuilding industry wanted. Analysts expect the credit of 10 percent of the value of a home, up to $8,000, to provide only a modest boost to the battered U.S. housing market. Last year, Congress enacted a $7,500 tax credit for first-time buyers, but that had to be paid back over 15 years and the impact on home sales was negligible.

The tax credit is part of the economic stimulus package expected to be signed soon by Obama. It was scaled back from a Senate proposal of $15,000 and is limited to first-time buyers who act between January 1st, 2009 and December 1st, 2009. First-time buyers are defined as those who haven't owned a…

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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…

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