ATTENTION BUYERS!  Great news the Senate passed an incredible tax credit to any homeowner who purchases a home up to $15,000 or 10% of the purchase price which ever is less.  The tax credit would not have to be repaid.  The amendment would let homeowners claim the credit on 2008 (this year’s) tax returns once passed.  The home must be your principal residence.  But if you did sell the home within 2 years then you would have to pay the credit back to the government.  The purchase must be made within one year of the legislations enactment.

 

This bill still needs to be approved by the House and signed by the new president so the terms may change before going into effect.  This is a great incentive for home buyers to take advantage of the low home prices, low interest rates and a great tax credit!

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