Buy a home, get $5,000 tax break

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Updated: 12:00 AM Jul 9, 2009 Buy a home, get $5,000 tax break You could qualify for a new tax credit. Posted: 9:51 PM Jul 8, 2009 Reporter: Sherelle Roberts Email Address: sherelle.roberts@wkyt.com

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It's going to be much more of a buyers market in Kentucky come July 26th.

That's thanks to a news law signed Wednesday. It created a tax credit that gives five-thousand dollars to anyone who buys or builds a new home; that no one has ever lived in.

You must buy the home before July 26th of next year. However, cannot get the money if you qualify for the Federal "first-time home buyers" credit.

Latest Comments

Posted by: steve on Jul 11, 2009 at 09:56 PM

We would if we had the money in this Obama economy.
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Posted by: Clinging Ivy Location: Frankfort on Jul 11, 2009 at 10:26 AM

WOW...they got you coming or going ! Who is falling for this hook, line and "stinker" idea ? All I can see are more people getting deeper in debt! Reminds me of the salesman in the Old West who went around selling snake oil. Don't see where this will help the economy turn around...frankly, I don't think anyone knows how to get the economy going again. If people aren't working, how can they go out and buy a home or even apply for a loan to do so?
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Posted by: BB Location: hazard on Jul 9, 2009 at 12:36 PM

This is a nonrefundable credit, cannot be carried forward or back. If your tax liabilty is $5000 or above you get $5000 credit. You must also apply via fax within 7 days of closing and the purchase date must be on or after July 26,2009 and before July 26, 2010
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