First Time Homebuyer Tax Credit
Realtors are working hard to make it possible for first time homebuyers who are eligible for the tax credit to be able to use that $8000 at closing. As of right now, it’s simply a tax credit, which you can take while filing your 2009 taxes, or you can revise your 2008 taxes, or if you haven’t yet filed for 2008, you can take the credit there.
There are income limitations, and you must live in the home for three years or pay the credit back. But all in all, it’s a great deal! I’ve included a link to a PowerPoint presentation with loads of details. Do you qualify?
Link to an explanation of the credit
Link to the IRS form to take the credit
Lynette Hensley
Associate Broker