Yes, it's true, the federal government is offering up to $8,000 back if you meet certain criteria
1. Buy a home between Jan 1 and Nov. 30, 2009
2. IRS says you may be eligible if you bought you main home in the US and you haven't owned any other main home for the 3 year period ending on the date of purchase.
3. Up to $8,000 credit based on 10% of the purchase price, based on income limits set forth by the IRS of $75,000 or less or $150,000 or less if married and filing jointly. Up to $95,000 or $170,000 married filing jointly the credit phases out. Over those amounts you cannot claim the credit.
4. You can either file for this credit with you 2009 taxes or file an amended return, use form 1040X and attach form 5405.
Always consult a tax professional to ask specific questions regarding your returns.
My team can assist you in all areas of purchasing your new home, whether you're looking at bank owned properties, short sales or any other type of sale. Navagating the purchase of a new home can be confusing, let my team help you through this process. Give us a call at 609-587-9300 ext 360
visit my website at: www.maxinebrimmer.com
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