Quick Facts on Potential $15,000 Tax Credit for Home Buyers

There’s quite a buzz right now regarding the potential for a $15,000 tax credit for home buyers.  I’ve been following this situation closely.  As of this minute, here are the details.  Keep in mind, as Congress debates the new stimulus plan, some of the below could change.

• The new tax credit for home buyers would replace the current $7,500 tax credit
• The amount of the new tax credit would be $15,000 or 10% of the price of the home, whichever is less
• Any buyer would be eligible, not just first timers
• You must occupy the property to be eligible
• The credit WILL NOT have to be paid back (as long as you occupy the property for at least 2 years)
• There are currently NO INCOME LIMITS included, so every buyer would qualify
• The purchase would have to be completed within one year of the effective date, once passed
• You could take the credit on your 2008 or 2009 taxes

Keep in mind, this is a CREDIT, not a DEDUCTION, which is a huge difference.  Since this directly affects our clients, we are following this closely and will provide updates when appropriate.

Article by W. Cody Robinson, Owner/Buyer Specialist, North Texas Home Finders

Contact Cody at 972.365.0432 or Cody@NorthTexasHomeFinders.com

Get a Buyer Specialist and rest easy! The builder pays our service charge from their advertising budget which is built into every home they sell. Since these fees do not come out of the home construction budget, you cannot negotiate one penny of a better deal alone.  We also work with preowned homes where the seller pays our fees!  Visit www.northtexashomefinders.com for more information.