from Local Attorney, Michael H. Wasserman

Friday, February 13, 2009

GLASS HALF FULL - a Lesser Home Buyers Tax Credit Due

Real Estate professionals were a twitter all week about the Senate's proposed $15,000 home buyers tax credit. Alas, it was not to be. It appears that the final version of the Recovery & Reinvestment Act will have a much lesser sort of tax credit.

  1. A credit of up to $8,000
  2. for first-time home buyers only (have not owned a principle residence in three years)
  3. If they buy before December 1
  4. But, phases out for couples with incomes above $150,000 and single filers with incomes above $75,000.
  5. Must be repaid if the property is sold within three years.
a summary of the act, here: