Tax Credit Provides a Great
Opportunity for Vero Beach First Time Home
Buyers
In
its efforts to stimulate the economy and revive the housing
market, Congress has enacted legislation providing a tax
credit of up to $8,000 for first-time Vero Beach home
buyers.
Any
Vero Beach or Sebastian
Real Estate home for sale that is a single
family home is eligible.
But time
is of the essence for buyers who want to take advantage of
this opportunity. Only homes purchased on
or after January 1, 2009 and before December 1, 2009 are
eligible.
The $8,000
Home Buyer Tax Credit at a Glance
The tax credit
is for first-time home buyers and people who have not
owned a home in the
last 3 years.
The tax credit does not have to be repaid - this provision is a
change from prior
legislation.
The tax credit is equal to 10 percent of the home’s purchase
price up to a maximum of
$8,000.
The credit is available for homes purchased on or after January
1, 2009 and before December 1,
2009.
Single buyers with incomes up to $75,000 and married couples up
to $150,000 qualify for the full tax
credit.
Video Interview: Tax Economist
Answers Questions About the Home Buyer
Credit
Rob
Dietz, Ph.D., director of tax issues for the National
Association of Home Builders, discusses the $8,000
first-time home buyer tax credit in this videotaped
interview.
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