Homebuyer’s Tax Credit May Reach $15000

I’m keeping a close watch on this one! As part of the $900 BILLION tax stimulus package that President Obama is proposing, the senate approved a new homebuyer’s tax credit up to $15000! The details are sketchy at this point, but if this truly passes, it could be the spark that our economy needs. Especially in the housing market.

The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers. Exactly what they mean by “existing residences,” I’m not sure.

I’m keeping a pulse on this one. Check back often for the latest news.

Please feel free to contact E-File Florida at 954-583-8534 or visit us on the internet at http://www.efileflorida.com/ for more great tax tips and articles.

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