Recently the proposed $15,000 tax credit was just trimmed down to $8,000.  This is still great news for all those first time home buyers out there - especially those in Northern Kentucky.

The tax credit that is part of the Housing amendment is simply this: All first time buyers now have a one time $8,000 tax credit if they buy a house this year. This IS NOT A LOAN like last year's plan, but a true credit.  The house must be closed between January 1st 2009 and December 31st 2009.   A first time home buyer according to the IRS is anyone who hasn't owned a home in the last three years.    THis stimulous is also income guided meaning as a single person you have to have earned less than $95,000 or $170,000 if you are  married.  As always,  you should check with your tax person to make sure you qualify.