Click on the title of this article to read this great article in the Wall Street Journal. It provides an overview of the American Housing Rescue and Foreclosure Prevention Act of 2008, passed by Congress at the end of July. First time home buyers who purchase a home after April 8, s008, and before July 1, 2009, are eligible for a $7500 tax credit. This credit, however, comes with a catch. You'll have to pay it back.
See the article for more info about income limits, etc. For more details and examples of how the new law works, visit the web site of Congress'es Joint Committee on Taxation at
www.jct.gov and look for publication JCX-63-08 on the home page.
# posted by
Anna-Lise Troup @ 9:59 AM