There seems to be lots of questions on the $15,000 tax credit for home buyers. It isn't officially a law yet, but the Senate did approve an Amendment that would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit, whichever is less. To break it down, if you’re buying a $150,000 home or above you could get a credit of $15,000. If you’re buying a $100,000 home you could get a tax credit of $10,000.
Current law provides for a $7,500 tax break but only for first-time home buyers. The new law would be available to all buyers of a primary residence. Purchases must be made within 1 year of the legislation’s enactment, and the tax credit would not have to be repaid. It also seeks to prevent misuse by only allowing purchases of a primary residence and by recapturing the credit if the home is sold within two years of purchase.
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If you are thinking of buying or selling a home, contact local expert Jen Bowman, Realtor and Broker Associate with Success Realty serving the real estate needs of Decatur and Metro Atlanta, GA. 404-456-5024
Jen, this certainly would be a plus if it happens, but the House and Senate have a way of diagreeing with each other causing the passage of things like this to drag on for ever.