Home > Strictly TAXES! > Homebuyer’s Tax Credit May Reach $15000

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.

IRS CIRCULAR 230 Required Notice – IRS regulations require that we inform you as follows: Any Federal tax advice contained in this communication (including any attachments) is not intended to be used and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction as tax related matter(s).

Categories: Strictly TAXES!
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