NEW TAX CREDIT LAW - FIRST TIME HOMEBUYER TAX CREDIT PROGRAM
By Katie Arnholt Kim
(The Kim Group ~ Commercial Real Estate Team for Peoria, IL )
Our local association of realtors had a seminar on the new first time homebuyer tax credit. While I focus on commercial real estate, I attended in order to see if there was any additional information on other new tax laws and there was and that will be a separate post. Below is the information provided by the Peoria Area Association of Realtors. Please consult a tax expert prior to taking advantage of the program below to see if it is right for you and that you have all the information for your situation. The information below is created for the purpose to present to the general group of realtors. So...what did I learn? Definition of First-Time Homebuyer: Buyer who has not owned a principal residence during the three-year period prior to the current purchase date. "Principal residen...
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