[quote=ariffe22]nobody should count their chickens before they hatch here, but it appears as the bill is written it applies to purchases after 12/31/08. In addition it appears that you need to put at least 5% down on the home to be eligible for the credit and the home must be a “principal residence”. There are recapture provisions if it does not meet the principal residence test within the first 36 months.
Then again, this has not passed the joint congressional committee and obtained the President’s signature. Congress says they will be done with this by President’s Day 2/16. We will see.
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Although, I haven’t found the text of the bill, from what I have read it says this tax credit can be claimed on 2008 tax returns. If that is the case how can it only apply to 2009 purchases? I read it to encompass the same start date as the 1st-time $7500 tax break which this bill will now supercede. Does anyone have any more specific info?
