First Time Homebuyers Tax Credit Changes Again

This probably will not be the final version of this Tax Creidt for Home Buyers, but as it evolves I am keeping my clients posted.

As I noted in my last blog about the Homebuyer's Tax Credit, there was promise of a $15,000 credit to home-buyers. It has now changed into an $8,000 tax credit for first-time home-buyers only. A fist time buyer is usually classified as someone who has not owned a home in the last three years. Here is the link to the official Internal Revenue Service website, with all of the information, description and requirements of the First Time Homebuyer Tax Credit. (Provided by one of my commenter's below)...Thank you!

This is a credit and does not have to be paid back, unlike some of the other versions that were to be deferred second trust deeds!!!

• To qualify, the purchase has to be made between January 1 and August 31, 2009
• Homeowner has to make the home their primary residence for at least three years

I will keep posting updates on revisions of this credit as they come available.

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