Homebuyer credit is laden with CAVEATS

Seems we went through numerous convolusions of this ACT before settling on it-
Although it may seem like old news it not readily understood.
So here goes!! LOADS OF CAVEATS ....

Dont get me wrong it is a great benefit but not necessarily a stimulous for ALL

-It is an $8000 MAXIMUM credit for 1st time homebuyers ( but IF you previously owned but it 's been 3 years you can still qualify)

-Your adjusted GROSS income can be no more than $75K or $150k if filing jointly to recieve the entire 8000 credit. If you have more than ( 95k or 170k jointly you get NOTHING! )

-The credit does NOT have to be repaid ( so long as you live in the home for at 3 years, if you sell it the FULL amount is due)... You might remember that the 2008 credit had to be repaid.

-The home must be a principal residence and purchased between January 1, 09 but before December 1,09

-The credit reduces tax liability and is filed for on your federal tax return. It is not received at the time of purchase

So those of you who qualify, go for it! Lets move some property and get the economy moving!