Tax Credits Explained for First-Time Homebuyers

Here is a great explaination of Tax credits currently available for first-time homebuyers. CNNMONEY.COM explains the differences between the Economic Recovery Act of 2008 and the recently signed stimulus package of 2009. The Economic Recovery Act of 2008 gives a tax credit of $7500.00 for first-time homebuyers that purchased after April 1, 2008 and before January 1, 2009. Walter Updegrave of CNNMONEY describes it as an interest free government loan that can be paid back over time. The current stimulus package of 2008 allows for an $8,000.00 tax credit for first-time homebuyers that purchase between January 1, 2009 and November 30 of 2009. You can claim it on your 2008 tax return and it does not have to be repaid as long as you stay in your home for at least 36 months. For more information on tax credits for homebuyers and to read the rest of the report by CNNMONEY.COM, please click here Posted by Thomas Della Piazza, Sales Associate, Coldwell Banker Realtors, Summit NJ.