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Tax Credit for Homebuyers
First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.

The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.

Tax Credit Versus Tax Deduction
It’s important to remember that the $8,000 tax credit is just that… a tax credit. The benefit of a tax credit is that it’s a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a homebuyer were to owe $8,000 in income taxes and would qualify for the $8,000 tax credit, they would owe nothing. Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a homebuyer is liable for $4,000 in income tax, he can offset that $4,000 with half of the tax credit… and still receive a check for the remaining $4,000!
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Meet Trudi Lee
Trudi has 25 years of residential sales experience, specializing in the North and West shores of Lake Tahoe, Squaw Valley and Alpine Meadows. Trudi Lee will match YOU up with your perfect Lake Tahoe property. Whether you are interested in seeing some cabins in the woods, condos with HOA amenities, fixer uppers homes, newly constructed homes or all North Lake Real Estate for sale, Trudi will give you the options and the expertise to make it happen!

Trudi Lee's in-depth knowledge of the Lake Tahoe Real Estate market will help you make all the right moves. Imagine it and behold.

Representing the Finest Real Estate in Lake Tahoe - Trudi Lee is your Realtor for Lake Tahoe Property.