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Get The Skinny on the First Time Buyer Tax Credit

By
Real Estate Agent with Hedges Realty Executives

 Everybody's talking about it, but do you fully understand it?  Could you explain it to a friend or relative who may be eligible to save big bucks on their first home purchase?  The current market conditions certainly favor buyers who don't need to sell anything first.  For first time buyers, the First Time Home Buyer Tax Credit could well be the incentive they need to finally get moved into that home they've been dreaming about. 

Let me preface this blog entry with this...one should always consult their accountant with tax matters.  I'm not an accountant, I'm a Realtor.  I hope you find this info helpful, but don't leave it at that and make a move that you haven't discussed with your accountant and fully understand.

With that said, I want to point out a few notable items on this updated tax credit.

-A First Time Home Buyer is anyone who has not owned a home in the 3 years prior to the purchase date

-The purchase must be for the primary residence and close between Jan. 1, 2009 and Dec. 1, 2009

-The credit does NOT require repayment in most cases

-The credit can be claimed on your 2008 or your 2009 tax return

For more info on this tax credit, I've included a few links below.  If I can help you navigate info, answer questions, or help you find the perfect first home...give me a call!!

Chart Highlighting the Major Modifications to the First-Time Homebuyer Tax Credit>

Frequently Asked Questions>

NAR's Presentation: The 2009 First-Time Homebuyer Tax Credit

Travis Evans