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Don’t miss ‘new, improved’ first-time homebuyer credit

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in Small Business Tax

The first-time homebuyer credit created by last year’s housing law didn’t do much to stimulate home sales throughout the country. But the new economic stimulus law sweetens the pot. Most homeowners no longer have to repay the credit!

Strategy: Encourage family members to pounce on this juicy tax break. Or, if you haven’t owned a home during the past three years (or never owned one), you might join the party yourself.

The revamped first-time homebuyer credit applies to home purchases made after Dec. 31, 2008, and before Dec. 1, 2009. But you don’t have to wait until you file your ’09 return to reap the tax rewards.   

Here’s the whole story: Under the Housing and Tax Assistance Act of 2008, a first-time homebuyer could claim a refundable tax credit equal to the lesser of $7,500 or 10% of the price of a home purchased after April 8, 2008, and before July 1, 2009. The law defined a “first-time homebuyer” as someone w...(register to read more)

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