How will the stimulus tax credit affect you?
By Kathleen Murray
(Realty Executives Mohave)
You must be a first time home buyer, which the law defines as someone who hasn't owned a primary home for 3 years prior to the subject home purchase. If you haven't owned a home for 3 years, but your spouse has, neither of you qualifies. You must also purchase the home between January 1 2009 and December 1, 2009. Taxpayers who purcased a home in 2008 may be eligible for the former $7500 credit, but that credit must be repaid over 15 years. The new credit does not have to be repaid as long as you stay in your home for 3 years. The stimulus tax credit is equal to 10% of the homes's purchase price, up to a maximum of $8,000. The law also allows taxpayers who purchase a home in 2009 to claim the credit on their 2008 taxes. If you have already filed your claim, you may file an ammended...