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$8,000.00 Home Buyer Tax Credit, will it be extended?

By
Real Estate Broker/Owner with West Group Real Estate

A few simple facts on the American Recovery and Reinvestment Act of 2009:

•·         The tax credit is for first-time home buyers only. This means the buyer has not owned a principal residence during the three-year period prior to the purchase.

•·         The money does not have to be repaid.

•·         The tax credit is 10% of the home's purchase up to a maximum of eight thousand dollars.

•·         The credit is for homes purchased on or before 12-01-2009.

•·         Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full credit.

To participate in the program you simply claim the tax credit on your federal income tax return.

For more information go to http://www.federalhousingtaxcredit.com/2009

For more on efforts to extend the program go to:

  http://www.prweb.com/releases/first_time_home_buyer/102009/prweb3009844.htm

  http://www.realtor.org/HOME_BUYERS_AND_SELLERS/2009_FIRST_TIME_HOME_BUYER_TAX_CREDIT

Comments (1)

Pat O'Reilly
RE/MAX..214-289-6176 Irving and all of Dallas Fort Worth - Irving, TX

Harley..my guess is that it will be extended but who knows what our elected official will do...

Oct 08, 2009 01:39 AM