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
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