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Tax Credit

Valley broker: Tax credit should help housing market, an article from KTAR.com, provides additional details about the proposal to give a federal tax credit to home buyers. The first-time buyer restriction has been lifted and the amount has been raised from $7,500 to $15,000. "Home buyers buying their primary residence can take a 100% tax credit right on their 1040 (income tax form) for 10% of the purchase price, up to $15,000. So, basically, that means if they buy a $150,000 or more home, they'd be able to take the full tax credit," said Mesa real estate broker Jay Thompson. While the U.S. senate has passed the measure, it still needs to go before the House.
http://ktar.com/?nid=6&sid=1039680

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