More than 4,100 in RI claim tax break for buying a home
1:21 PM Fri, Sep 18, 2009 | Permalink
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By NEIL DOWNING More than 4,100 Rhode Islanders have taken advantage of a recently expanded federal income-tax break for buying a home, the Internal Revenue Service said on Friday. But potential homebuyers who plan to claim the tax break -- called the first-time homebuyer credit -- must act soon: The break will be available only for purchases that are completed before Dec. 1, 2009, the IRS said. The federal economic stimulus law that was approved by Congress and signed into law by President Obama in February made key changes to the first-time homebuyer credit, increasing its reach and popularity. In general, the break can reduce your federal income tax liability by up to $8,000 if you meet certain income limits and have not owned a home in the past three years. The IRS has a Web page and a video that provide details about the tax break. 
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