Housing Credit as of 02.17.09 (Stimulus Law Signed)

For primary homes purchased before Dec 1, 2009, the max credit is $8,000 and it need not be paid back unless the home is sold within three years of purchase.

The 2009 purchase can be carried back to 2008 for the full $8,000.

Homes purchased in 2008 still have the 15-year repayment rule.

The credit is fully refundable.. meaning, to be received in full even if it exceeds the tax bill for the year.

This entry was posted on 25. February 2009 at 21:59 and is filed under Income Tax. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.