October 7th, 2009 10:19 AM by Lehel S.
TAKE ADVENTAGE of the OPPORTUNITY of a LIFETIME BEFORE IT EXPIRES
TAX CREDIT of as much as $ 8,000 for first time home buyers
HURRY – you must close on your home BEFORE December 1, 2009
ü ESCROW MUST CLOSE PRIOR TO December 1, 2009
ü Available to first time home buyers purchasing any kind of home on or after April 8, 2008 and before December 1, 2009
ü Participation in the program is easy. Simply claim the tax credit on your federal income tax return. This refund reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.
ü The tax credit does not have to be repaid and is equal to 10% of the home’s purchase price up to a maximum of $ 8,000.
ü The credit is fully refundable. Meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
ü You may be able to access the money sooner than waiting to file your 2009 tax return. Check with your tax professional for advice
ü Home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount.
ü Please consult your tax consultant.
Just like so many of the good things in life, time is of the essence.