Sunday, April 26, 2009

First Time Home Buyer Tax Credit

I have been meaning to do a post about the first time home buyer tax credit. You may have seen some of the advertisements that we have been running recently about our first time home buyer fairs. We want everyone to know about the $8,000 tax credit that is available to those who are first time home buyers. A first time home buyer is considered someone who has not owned a home in the past 3 years. To be eligible for the $8,000 and yes, $8,000 that does NOT have to be paid back, one has to meet certain requirements.

1. Not owned a home in 3 years.
2. To get the maximum credit of $8000 the home must have a purchase price of at least $80,000. Partial credit given on homes with a purchase price of less.
3. Meet certain income requirements
4. Purchase between January 1, 2009 and December 1, 2009.

That is it! Very simple. You fill out an extra form at tax time and you get the money then. You can also fill out an amended return and get the money now or wait until you file your 2009 return next year.

I repeat. It does NOT have to be paid back!

Call me today to start your home search! and for more information!

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