New Homeowner Tax Credits and Deductions
Is There a Tax Credit for Buying a New House?
The First-Time Homebuyer Act of 2021 establishes a federal tax credit for first-time homebuyers.
It’s not a loan you have to pay back, nor is it a cash gift like the Downpayment Toward Equity Act.
The tax credit is equivalent to 10% of the purchase price of your home and cannot exceed $15,000 in 2021.
US politicians presented the First-Time Homebuyer Act of 2021 on April 28, 2021.
The measure amends the IRS tax law to provide up to $15,000 in federal tax credits to first-time home purchasers.… Read the rest