Tax Credit First Time Home Buyers

There are a lot of questions concerning the Tax Credit for first-time home buyers - signed into law 2/17/09. Here are some basic rules.
1.Buyer has to be a "first time" Buyer.

2.Buyers may not have owned a home for the past three years

3. Home was purchased by 01/01/09 thru 11/30/09.

4.Income limit restrictions are: $75,000 Singles and $150,000 Couples. Higher incomes will receive a partial credit.

5. Must live in the home for three years, or Buyer will be obligated to pay it back.

6.Credit is 10% of the home value or $8,000, whichever is less. Any purchase over $80,000 will be the $8,000 tax credit.

7.Buyers will claim the credit on their tax return

Any questions regarding the Tax Credit should be directed to the your CPA or Tax Accountant.

Any questions regarding real estate should be directed to your local Real Estate Experts - Bill Eisenlauer 770-2455 or Bob Eisenlauer 979-2883.