If you are a first time homebuyer then the new stimulus bill has a great little gem for you. In cluded in the bill is a provision for an $8,000 tax credit for 1st time homebuyers (defined as not owning a home the last three years just like the current provision) but it is a pure credit. There is language about possible repayment in first three years if sold. This bill has yet to be signed by the president but it is expected that he will do so shortly.
As far as I can tell this is a real tax credit, so you can in effect knock you taxes down by this figure in the year that you purchase your home. As always, you should check with your accountant to make sure how this provision will apply to you.
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