Released: August 17, 2008

Before you take the housing credit

Source: Michelle Singletary, Washington Post (Free Registration)

Part of the Housing and Economic Recovery Act of 2008 authorizes a tax credit of up to $7,500 for qualified first-time home buyers. Based on the questions I’m getting from readers, many people are ready to jump on this money like Scooby-Doo panting after Scooby Snacks.

To help those considering this credit, which is really a loan, I talked to Eric Smith, a spokesman for the Internal Revenue Service, which will be handling the implementation. Following are some questions sent to me by readers and answered by Smith:

Do you know whether this tax credit applies to mobile home purchases?

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