$15000 First time home buyer tax credit explained

An earlier version of the economic stimulus package contained a $15,000 tax credit for first time home buyers ! Here are some salient features of the proposed housing tax credit.

1. The tax credit would be 10% of the purchase price of the home upto a maximum tax credit of $15000.
   
2. Unlike $7500 tax credit, the $15000 home buyer tax credit does not have to be repaid over time.
   
3. There are no income caps or income limits. All first time home buyers qualify to recieve this tax credit subject to additional rules like the purchased house must be occupied for at least two years from the date of purchase.
   

Unfortunately this version of the economic stimulus package had to be modified in order to get it passed through the house of representatives and the $15000 home buyer tax credit had to be rolled back to $8000 tax credit. In addition to this there will be certain income limits in order to qualify for the $8000 tax credit. update:Read my latest post on $8000 first time home buyer tax credit-details explained for latest updates.

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