“Whatever happened to that $7500 first time homebuyer credit?”
Answer:
The just-passed stimulus bill made some changes to the credit that are great news if you’re a first-time homebuyer.
(FYI, their definition of “first time homebuyer” is that you haven’t owned a home the past 3 years.)
The provision gives you a slightly increased tax credit of $8,000 if you buy a home between 1/1/09 and 12/1/09.
Also, if you own the home 3 years or more, you don’t have to pay any of the $$ back. A big improvement from the previous bill.
Note that you’re only eligible for the full credit if you earn 75K/year or less (150K for joint filers).
For more info, call my office at (858)457-KENT.
