The $5,000 DC First-time Homebuyer Tax Credit has been Approved for 2008 & 2009.
The Districts 1st time homebuyer tax credit was included in the Emergency Economic Stabilization Act of 2008. This was the piece of legislation which was so controversial; passed by Congress on the 3rd of October and signed into law by Bush the same day. The tax credit is retroactive to Dec 31st, 2007 and good through Dec 31st 2009.
Families or individuals buying a home inside of the District of Columbia for the 1st time are eligible. They may have owned a home elsewhere; as long it is not in DC.
This credit is available nowhere else in the country and is much better that the $7500 credit introduced earlier; as the DC credit does not have to be paid back over time; but is a 1-time credit.
This credit was introduced over 10 years ago and has helped the housing market in the District and helped to increase the population and thus, the tax base for the city.
For more information visit Congresswoman Eleanor Holmes Norton's site HERE.
As always; for Individual Tax Advice - Seek a Professional Tax Attorney or CPA.
Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the GreaterWashington DC area.
Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA
