Congress enacts Home Buyer Tax Credit

Here's what I have:

Credit of $8,000 to first time home buyers. Actually 10% of purchase price UP to 8K.

Must purchase between January 1 and December 1, 2009.

Must be principal residence.

Single taxpayers with incomes up to $75,000.

Married couples with incomes up to $150,000.

If your income exceeds these amounts, you MAY be eligible for a "partial" credit.

Home buyers must use the residence as a principal residence for at least 3 years or face recapture of the tax credit amount. Certain exceptions apply.

What is a "First Time Home Buyer"? Anyone who has not owned a home in the last three years!

So congratulations you first time home buyers! If you have other questions you can check out this site: www.federalhousingtaxcredit.com

Stay strong!

Steve