First Time Homes Buyers

The American Recovery and Reinvestment Act of 2009 expands the first-time home-buyer credit to include purchases made before Dec. 1, 2009.

The IRS announced Feb. 25that for first-time home-buyers who purchase in 2009, the maximum credit is $8,000 and can be claimed on a buyer's 2008 federal tax return. If the home purchase closes after April 15, a taxpayer can still claim the credit on a 2008 tax return by requesting an extension of time to file or filing an amended return.

This is not a loan. Unlike last years credit, this one does not have to be paid back!

Don't wait until it is too late. You have to close on your home and be a first time home buyer to receive this great offer.

For first-time home-buyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit. A first time home buyer is someone that has NOT owned a home in the past 3 years.

This year, qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.

Contact me today to have me help you find a home of your dreams. 

Tom

526-9015