Buying your first home? Take Advantage of the $8,000 U.S. Income Tax Credit that's offered.
Speak with your REALTOR® about opportunities presented by this law allowing for U.S. income tax credit now available to first-time homebuyers.
The amount of tax credit will be the lesser of either 10% of the home's cost or $8,000.
This tax credit will sunset on November 30, 2009. So you must get your home purchase started and concluded with escrow & closing by that date.
This tax credit is available to qualified first-time homebuyers for the purchase of a principal residence between January 1, 2009 and no later than November 30, 2009.
Qualified first-time homebuyers can also now use the $8,000 U.S. tax credit to help cover down payment and other upfront costs if they use a loan backed by the Federal Housing Administration (US government).
For more information about how this tax credit may apply to you, speak with a lender or qualified mortgage broker. There are tax consequences involved with buying or selling real estate, so be sure to consult with a qualified tax professional.
For your home purchase, always use a REALTOR® agent member of the National Association of REALTORS®.
For more information see my prior article ~ 7 Questions About the First Time Homeowner Income Tax Credit ~ Why It's So Important Now.
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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.
www.ExploreTheOC.com
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