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$8,000 Tax Credit Info


To enhance your buying and selling experience, it’s our job as real estate professionals to provide you with as much valuable information as possible. It is essential that the buyer or seller be aware of all aspects of the real estate market before making a major decision. Whether it be through newsletters, checklists or news articles, we are here to make this process stress-free and rewarding. Please access our free reports today!



$8,000 Home Buyer Tax Credit at a Glance



Frequently Asked Questions about the Home Buyer Tax Credit



The Law’s Other Provisions



IRS Tax Credit Form



Down Payment Assistance Tax Credit Advance




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-Public Notice-

$8,000 Tax Credit for 2009 Homebuyers

This tax credit is NOT a loan and does NOT have to be repaid.

 

In efforts to stimulate the economy and revive the housing market congress has enacted the American Recovery and Reinvestment Act of 2009 which provides a tax credit for first-time homebuyers of 10% of the sales price of the home, up to a maximum of $8,000.  The IRS defines a first-time homebuyer as someone who has not owned a principal residence during the 3-year period prior to the purchase.  However, time is of the essence for buyers who want to take advantage of this opportunity.  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.  

This is the bailout plan you’ve been looking for. Last year this was originally a $7,500 loan that had to be paid back over 15 years. But if you purchase a home in 2009 before December 1st this is no longer the case. The government is literally giving this money away. With interest rates at 50-year lows and home prices near rock bottom there has never been a better time to buy a home.

If you have already filed your 2008 taxes, that’s okay.  All you need to do is file a tax return amendment form and you will be credited in as few as 10 days with direct deposit.  You may also qualify for IHFA’s Down Payment Assistance Tax Credit Advance which could be used toward the purchase of your new home.    

Down below is your Free Guide to the $8,000 Tax Credit with reports that include more information on this brand new tax credit along with tips to taking advantage of this program and how to get started.  

 



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