First Time Home Buyer Tax Credit - 2009

I cannot tell you how jealous I am that I cannot take advantage of this. As part of the American Recovery and Reinvestment Act is a program that can allow first time buys to reduce there tax bill by $8,000!

Our government is going to give you up to $8,000 free and clear for buying a home. With housing prices down and interest rates low this is a great offer.

Let me put this in perspective for you. A married couple without children earning $50,000 a year will pay about $6,000 in Federal Income Tax.

In other words you would not have to pay any taxes in 2009 if you bought a $60,000 home. True! When you filed your return in 2010 the government would send you a check for $6,000 dollars.

Now you know why I am jealous. To qualify..

You cannot have owned a home for three years
You must be in this home as your primary residance for 36 months

Of course your credit must be good. With interest rates at historic lows, depressed housing prices, and this program NOW is the time to get into the home.

Here is some more of the scoop ...

Buyers can claim 10% of the purchase price, up to $8,000 ($4,000 for married individuals filing separately)
The credit starts to phase out for those whose adjusted gross income exceeds $75,000, or $150,000 for joint filers.

This deal is on throughout 2009. It may or may not get extended. It is worth your while to look at your finanaces to see if buying now is the right move for you.

The IRS website has more information for you. Click First Time homebuyer tax credit for more details.

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