"The expansion of the first-time home buyer tax break as part of the president's recovery agenda gives money to taxpayers when they need it most, while also targeting an important group of buyers," said Treasury Secretary Tim Geithner.
"We view our economic recovery plan, our financial stability plan and now this homeowner affordability plan as three legs of the same stool – an integrated whole that represents our immediate response to the current crisis. We remain committed to swift, efficient and effective implementation of all of these components."
The announcement comes on the heels of the first Recovery Plan Implementation meeting led by Vice President Joe Biden at the White House this morning. Biden is overseeing the administration's implementation of the Recovery Act's provisions.
You can apply for the credit by going to the IRS website and fill out a revised version of Form 5405. Qualifying taxpayers who buy a home this year before December 1 can claim up to $8,000, or $4,000 for married individuals filing separately, on either their 2008 or 2009 tax returns. Unlike the prior first-time homebuyer credit, this is money individuals do not need to pay back.We talk about these issues and more weekdays at 5 PM New York time on News Talk Online on Paltalk.com