Update regarding First-Time Homebuyer Tax Credit
By Emily R. Vivian
Real Estate Law,
April 2009
As part of the American Recovery and Reinvestment Act of 2009, the first-time homebuyer credit is extended to principal residences purchased before December 1, 2009.
Tax law changes pursuant to the Housing Assistance Tax Act of 2008
By Emily R. Vivian
Real Estate Law,
October 2008
On July 30, 2008, President Bush signed the Housing Assistance Tax Act of 2008 (the “Housing Act”) which provides several important tax law changes, including, in part, a temporary tax credit for first-time homebuyers, a new property tax deduction for people who do not itemize, and a new restriction on the ability of homeowners to exclude from their income the capital gain on the sale of their principal residence.
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