Robert Dietz, tax economist, of the National Association of Home Builders gives detailed answers to questions home buyers might have about the Federal tax credit. (The $10,000 California tax credit for home buyers has been used up)
Some of the questions answered are:
• Who’s eligible to claim the credit?
• How does it help you?
• What kind of homes qualify?
• How is the amount of credit determined?
• What is a partial credit?
• When can you claim the refund?
• How is the 2009 credit different from the 2008 tax credit?
Additional information about the tax credit can be found on the Federal Housing Tax Credit website.