We’ve had a lot of people asking questions about the new housing act that was signed in to law by President Bush last week. There are a lot of helpful housing provisions in the act. However, there is a lot of confusion as to what is in the act. There is one item in the act that caught my eye and is garnering a lot of attention as follows:
“If you have not owned a house during the last three years, or are considering buying a first home, and you close on a purchase before the end of next June, you may be eligible for a credit of as much as $7,500 against your federal taxes for 2008 or 2009 ($3,750 if you file taxes as a single person).” Check out:
http://www.latimes.com/business/la-fi-harney3-2008aug03,0,6352284.story
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