First Time Home Owners Tax Credit : Chicago RE with Julie

Chicago RE with Julie

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First Time Home Owners Tax Credit

Posted at 2:40 AM, Jul. 24, 2009

There seems to be a lot of confusion among the public regarding this year's $8,000 home buyer's tax credit. The largest question is what if the home buyer owes less than $8K in income taxes? Well, simple, they get a very handsome return check!

A second prevailing question is pertaining to the repayment clause. An earlier version of this incentive which was for $7,500 required repayment once the house was sold however, our newer version does NOT require repayment unless the house is sold within three years of purchase.

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RE: First Time Home Owners Tax Credit

Posted by Julie Woodward-Trenker at 8:26 AM, Aug. 17, 2009

If you owned a home within the last three years, and that includes any that you rented out, you most likely will not qualify for the credit. Best bet, check with your accountant for a more detailed descript of what the restrictions are.

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