NOW IS THE TIME TO BUY YOUR OWN HOME Your window of opportunity to receive $8,000 is now just 5 1/2 months! Since it takes almost 2 months to close a home purchase due to the new appraisal guidelines, you have just over 3 months to locate a good home and agree on contract terms!
To qualify for the $8,000 First-time Homebuyer Tax Credit, you must complete your purchase (have the closing and take title to the property) by December 1, 2009! Even if you do not owe the federal government any tax, you can file and receive a check for $8,000 if you meet the requirements. As long as you own your home for at least 3 years, this $8,000 is a gift to you!!!
Other program details:
• The tax credit is for first-time homebuyers only. (A first-time homebuyer is someone who has not owned a principal residence during the three-year period prior to the purchase.)
• The tax credit is equal to 10% of the home's purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009. (For purposes of the tax credit, the purchase date is the date when the closing occurs and title to the property transfers to the homeowner.)
• Single taxpayers with incomes up to a maximum of $75,000 and married couples with incomes up to a maximum of $150,000 may qualify for the full tax credit.
• Buyers must live in the house for at least three years, or they will be obligated to pay back the credit.
• The tax credit can be claimed on your federal income tax return. Homebuyers should complete IRS Form 5405 to determine their tax credit amount. For more information and to determine your eligibility, please talk to your tax advisor. Additional information about the First-Time Homebuyer Tax Credit is available at: http://www.federalhousingtaxcredit.com/2009/home2.html
Improve your long-term financial health today. Contact me for more details on the advantages of this program. For more information on the home buying process, order free buyers reports delivered to you on-line.
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