First-Time Home Buyer Tax Credit
Today I read an article about a first-time home buyer tax credit. The article I read was really brief so I decided to look a little more into it. www.federalhousingtaxcredit.com is where I found the details of the credit. A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. People who are eligible for the tax credit are first-time home buyers purchasing any kind of home, new or resale, are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. I personally think this is a great incentive program. I think the government needs to continue the tax credit for 2010 because it is extremely tough for citizens to afford houses right now, let alone, first time buyers. A huge reason for the economic hardship is the amount of foreclosures. This incentive may push people to make their first home purchase, and it may make things a bit easier to afford.
