More tax legislation: 2008 Housing Assistance Tax Act: pluses and minuses.
California CPA › Vol. 77 Nbr. 4, October 2008
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More tax legislation: 2008 Housing Assistance Tax Act: pluses and minuses.
The following are selected highlights of the 2008 Housing Assistance Tax Act (P.L. 110-289), signed into law July 30, 2008.
First-time Homebuyer Credit Under this new law, an individual taxpayer who is a first-time homebuyer of a principal residence in the United States is allowed a refundable tax credit equal to the lesser of: * $7,500 ($3,750 for a married individual filing separately); or * 10 percent of the residence's purchase price. Generally, this credit is allowed for the tax year in which the ta...See the full content of this document
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