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