Not many people are aware or understand that Congress enacted a bigger and better Home Buyer Tax Credit.
A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.
The tax credit is for first-time home buyers only.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
For those homes purchased between January 1st and April, 2009, buyers may use the tax credit in their 2008 tax filing. If a buyer has already filed their tax they may amend the 2008 taxes if they want the benefit today.
For more details on this benefit, you may call Soledad or Eric Reaves.
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