A clarification.
I recently wrote about the new federal income tax credit for home buyers.
My statement in that post that singles would receive $3,750 instead of the $7,500 was unintentionally misleading.
Singles buying a home and qualifying in every other way will receive the full $7,500 credit.
Unmarried couples (or married couples who file their taxes separately) who qualify for the full credit will receive a total tax credit of $7,500. Please consult your tax professional for more details about how that credit may be distributed.
More Information from NAR and IRS
The National Association of Realtors (NAR) has posted a website with more information. Find answers to FAQs here. (Short attention span summary.)
Since my original post, the IRS has published detailed answers to FAQs here.
