I saw this year that income tax filers received a huge tax break if they purchased a home in Washington, D.C. What is the reason for the tax break (as opposed to any other city) and do you think that it will be available again next year?
2007-04-05 17:35:00 · 2 answers · asked by Bach_Omega 1 in Business & Finance ➔ Taxes ➔ United States
There is a federal credit of up to $2,000 for first time home buyers in D.C This credit has been extended once I don't know if it will keep being extended.
I have had many clients take advantage of this .
2007-04-05 22:25:05 · answer #1 · answered by waggy_33 6 · 0⤊ 0⤋
I don't think there's any break on federal income tax for this. There was something like this for first-time home buyers awhile back (see http://www.irs.gov/pub/irs-prior/f8859--2003.pdf ), started around 10 years ago under Bill Clinton, but it's expired as of the beginning of 2006 and wasn't renewed.
2007-04-06 01:13:13 · answer #2 · answered by Judy 7 · 1⤊ 1⤋