First-Time Homebuyer Tax Credit
During these trying economic times, who says you can’t get a break when you buy a new home? The American Recovery and Reinvestment Act may give you the break you’re looking for – a tax credit of up to $8,000 if you’re a first-time homebuyer!
You may qualify if you haven’t owned a home in the past three years, and your spouse hasn’t either (if you’re married). The credit amount starts phasing out if you make more than $75,000, or $150,000 if you’re filing a joint return. Also, you must plan to occupy the home for 36 months before selling.
So, you can buy now, but hurry! You have to purchase your home before December 1, 2009 to get cash back on your tax return. “Home Sweet Home” never sounded so good! For more detailed information, please visit the IRS link:
http://www.irs.gov/newsroom/article/0,,id=204671,00.html
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