“Devils in the details” by Eva Rosenberg, posted on marketwatch.com 7/29/2008 examines the new laws.
In a previous post I thought that First-Time Home Buyers will be able to get some free money, but I was wrong. It looks like it’s a short-term, zero interest loan.
First, we have a $7,500 credit for new homeowners that is not really a credit,
it's a loan. Those who qualify to receive this credit will receive 10% of the
purchase price of their home -- up to $7,500, in the first year. Then, they will
repay the loan over a 15-year period, starting in the second year after the
taxable year in which the house is purchased.
It’s an informative read and I suggest doing so. If you have any questions regarding the new tax laws, please call your CPA or tax preparer. As always, if you have any questions regarding real estate, you know where to go!!