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Submitted By: Larrie
Answered: August 20, 2013 8:30 am
Answered: August 20, 2013 8:30 am
Is there a first-time homebuyer credit for someone who buys a house in 2013?
No. The first-time homebuyer credit ended in 2010 and it has not been extended. There’s probably no chance that Congress will change its mind anytime soon because the housing market has picked up.
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Tax Glossary
Accelerated cost recovery system (ACRS)
A statutory method of depreciation allowing accelerated rates for most types of property used in business and income-producing activities during the years 1981 through 1986. It has been superseded by the modified accelerated cost recovery system (MACRS) for assets placed in service after 1986.
