New Housing Bill: Tax Credit, Stabilize, New Capital

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Housing Stimulus Package

Questions about the New Housing Bill and the $7,500 tax credit for first-time home buyers that purchases before July 1, 2009

Time frame to buy? - After April 9, 2008 and before July 1, 2009

First-time home buyer? - A buyer who has not owned a home for three years.

Married first-time buyer? - Both buyers have not owned a home for three years.

Claim tax credit? - Claim the tax credit on your federal income tax return.

Other form or forms? - No other form except your federal income tax return.

Credit limits? - Single $75,000, Married $150,000.

Type of homes? - Homes, townhouse, condominums, mobile homes and houseboats.

Building a custom home? - You qualify, but you have to occupy the home by July 1, 2009.

Buying a new home? - You qualify, but the settlement day has to be by July 1, 2009.

Tax credit pay back? - You are required to repay the tax credit over 15 years or when you sell the home.

How much is the pay back? - Example: Pay back is $500 per year starting with 2010 tax return with $7,500 tax credit in 2008.

Access the tax credit now? - Change your withholding numbers.

This New Housing Bill was signed by President Bush on July 30, 2008. It is a major Housing Stimulus Package that offers up to $7,500 in a tax credit that will aid homebuyers for both new and existing homes. This is one of the best times to buy a new or existing home. Parts of the New Housing Bill that may benefit you are effective until July 1, 2009. If you are interested in owning a home, now is the time to consider investing in your future and take advantage of this Housing Stimulus Package.

This is just a short list of questions about the New Housing Bill and for more information the following links are available.

www.FederalHousingTaxCredit.com - www.HousingStimulusPackage.com - W-4 - IRS pdf publication - Top of page

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States & Cities:

Colorado

Georgia

Ohio

Texas

Disclaimer - The information on this website is for general purposes only and you should seek professionals in buying a new home. The federal tax credit or other tax benefits information should be reviewed with your accountant or other professionals. The information is presented with no guarantee of the total information on the subject.

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