04
Home Buyer Tax Credits – The Basics
The homebuyer tax credit is one of 10 key provisions of the American Recovery and Reinvestment Act signed by President Obama into law on Feb. 17, 2009.
The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser’s income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
While we are looking at the new Tax Credit for new home owners, let’s check out homes sold for March in Burien. There were 10 homes and 1 condominium, none of these are short sales or foreclosures.
A majority of the real estate in Burien that sold and closed were in the Shorewood neighborhood, along with a couple of nice homes in Seahurst and the remainder sold were a combination of Burien, Blakely Manor, and Manhatten.
