The new stimulus package provides first time homebuyers with an $8,000 tax credit that would be available for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.
The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
If you have any questions regarding the new stimulus package or want to explore purchasing your first home, please feel free to call or e-mail, 843-224-5398 or Owen@OwenTyler.com.
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