As you all may or may not know there is a new $8,000 tax credit being offered to first time home buyers that is truly a tax credit as opposed to the previous version of the tax credit which actually had to be repaid.
However, there are restrictions on this tax credit as well. For instance, did you know that if you don’t own the home as your primary residence for at least 3 years you will have to repay the $8000 tax credit? I didn’t think so.
As a way to test your knowledge about the tax credit and a way to learn something new, NAR has set up a short 12 question quiz for anyone to take. You can take it here.
I scored 11 out of 12, how did you do?