Final Stimulus Bill Has $8,000. Tax Credit for First Time Home Buyers
During the debate, it looked like the stimulus would include a $15,000 tax credit for anyone who moves this year. However, that was cut in the final version, which now offers an $8,000. incentive for first-time home-buyers only. (If the house is bought for less than $80,000., the credit is 10% of the value of the house.)
The credit is refundable, meaning you can get a check for what’s left after paying your taxes.
Cnn.com explains it well here:
http://money.cnn.com/2009/02/13/
real_estate/homebuyer_tax_credit_finalized/index.htm
