I’ve mentioned before that though I would love to visit the US, I never really thought of living there. However, with news like this, it makes me want to rethink my options. It seems like those who’re thinking of Buying First Home in the United States can get a tax refund from their purchase. This is because of the First-Time Home Buyer Credit. If you recall, the Global Financial Crisis that started around the end of 2008 and throughout 2009 has taken a toll in the real estate business. People are more cautious about buying and the credit freeze has made it harder for those who are looking for new homes to buy one. But thanks to the stimulus plan, new homeowners can get up to $8000 tax credit for their purchase.

The Federal Income Tax Credit has also been expanded to include those homeowners who want to move on from their current home provided that they’ve been living in their current property for 5 years. These home buyers can get up to $6,500 in tax credit. However, because of the extension and expansion of the of the First Time Home Buyer Credit, there’s additional documentation to be submitted. In order to not slow down the issuance of any refund, homebuyers should check out the filing requirements at IRS.

It would be nice to be able to own real estate in the US especially now that their economy is recovering.