"A $15,000 tax credit for anybody buying a home over the next year was dropped; instead, first-time homebuyers could claim an $8,000 credit for homes bought by the end of August. Car buyers could deduct the sales tax they paid on a new car but not the interest on their car loans..." By Andrew Taylor, AP Feb. 12, 2009
I'm not sure that an $8,000 tax credit to first-time homebuyers will be enough to turn the entire real estate market around, but it's a good start. I would have prefered the higher amount to go to any buyer, and help stimuluate the market across the board.
If you are a first time homebuyer...this is great benefit for you. We'll have to wait to hear the details to see whether or not it can be used towards the downpayment or if it comes after closing. It certainly will help get new carpeting, paint or other things your new home might need! Nancy
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My husband and I are thinking about buying our first house. Is there a time limit for the rebate?
ReplyDeleteAs of the last posting, the rebate will expire at the end of August. What was to be the "final version" of the stimulus bill, looks like it may go through another revision before the President signs it. So, as soon more info is available, I'll post it.
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