Lately I've had several clients and constituents of HDI Real Estate to ask me about the government's tax incentive for new home buyer purchases. This is a great program and combined with low interest rates and reduced home prices, it has helped to create a terrific buying opportunity. Unlike other elements of our tax code, the math is fairly basic and the qualifications are very simple to understand. Rather than try to give many examples of how this program works and can benefit new home buyers, I've posted a link to an article from CNN Money online. The writer gives descriptive scenarios and a detailed explanation of how the credit is calculated. Like I stated, the math is basic.
I would certainly recommend consulting with you accountant or other qualified tax professional prior to pursuing a property IF your reason for doing so is solely to take advantage of this tax rebate. I have also placed a link on my website (on the homepage) to the official IRS website page that explains this part of the tax code.
http://money.cnn.com/2009/02/13/real_estate/homebuyer_tax_credit_finalized/index.htm
Remember to visit my website at www.HDIRealEstate.com to search for properties in your area and to find other useful tips and resources to help you make an informed ecision about your purchase.