Tax Breaks for First Time Home Buyers
Q: I keep reading about federal housing tax credits for first time home buyers. Do you know if this is true and how can I get more details on the subject?
Yes, it's a dream come true! A tax credit, under the American Recovery and Reinvestment Act, of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. If you have not owned a main home during the three-year period ending on the closing date of the sale, not the contract date, you’re eligible. So all you property virgins, if you want to own your own home you better act soon because time is running out!
For more details, there even a website on this that I find very helpful: http://www.federalhousingtaxcredit.com/2009/index.html
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