First Time Las Vegas Homebuyers
First-Time Las Vegas Homebuyers
Have you heard about the housing bill that was recently signed into law? It includes many positive changes that could help those in the market for a new Las Vegas home.
One of the exciting changes is a tax incentive that provides "First-Time Las Vegas Homebuyers " who purchase a Las Vegas home between April 1, 2008 and July 1, 2009 and meet certain other requirements with a tax credit based upon the purchase price of the residence, up to a maximum of $7,500, which, subject to certain exceptions, is recaptured (i.e., repaid) over a period of up to 15 years. Generally, under the Act, a "first-time Las Vegas homebuyer" is an individual who has not had a present ownership interest in a principal residence during the three year period prior to the purchase. This tax incentive requires purchase of a primary residence by July 1, 2009, so First-Time Las Vegas Homebuyers who want to participate must act soon! Please contact an accountant, lawyer, tax professional or other advisor to discuss your particular circumstances and the applicability of the tax credit.
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