The Congress finally approved the housing bill that has been floating between the Senate and the House for over a year. One key measure in the Bill is a tax credit for first time home buyers. First-time homebuyers purchasing a home between April of this year and through June of next year would receive a tax credit for 10% of the value of their home, up to $7,500, while current homeowners who do not itemize their tax returns would be able to deduct up to $1,000 for property taxes.
So if you're a first time buyer, on your mark, get set, GO! Let's get out there and start looking for your first home.
Be sure to check with your CPA, for exact details.
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