$8,000 Tax Credit for First Time Homebuyer

BUY TODAY! The new $8,000(increased from $7,500) tax credit for the first time home buyers is a provision under the American Recovery aqnd Reinvestment Act of 2009. This credit will not need to be paid back if you remain in the home for 3 years.
Here are the criteria:

• Homes purchased between January 1, 2009, and December 1, 2009


• Income limitations $75,000 for single tax payers and $150,000 for married tax payers


• Credit remains refundable. This means that first-time home buyers who owe less than $8,000 in taxes for the year are still eligible for the full %8,000 credit when they file their tax returns. In that case, the IRS will write you a check for the difference between $8,000 and your actual tax bill.


• The credit can be claimed on your 2008 tax returns that you file by APril 15, 2009 (you have two weeks to go), even if you buy the home in 2009.


• The tax credit is the for first-time home buyers but there are some exceptions; 3 years not as owner occpied. Divorce resulting in loss of home.

Home buying can not be better than TODAY!