FIRST TIME HOME BUYER TAX CREDIT.

 

Buy a home now and take advantage to the new tax credit

Of up to $8,000.00

 

A tax credit is available for first-time homebuyers under the American Recovery and Reinvestment act of 2009, if you buy a home between January 1, 2009, must be in escrow by April 30th, 2010.  You may be eligible to receive a tax credit for 10% of the purchase price of your home up to $8,000.00.  Program highlights inclued:

 

Any individual (and if married, their spouse) who has had no ownership interest in a home during the last three years is eligible.

 

Full credit for single taxpayers with income up to $75,000 ($150,000 on a joint return); partial credit for incomes up to $95,000 (170,000 joint returns)

 

Available only for the purchase of a single-family home that will be used as a principal residence.

 

Homebuyers can reduce (or even eliminate) their income tax liability for the year of purchase by claiming the credit on their tax return.

 

If the home is sold before 3 years, the first-time homebuyer (who is now the seller) must pay the IRS the entire amount of the tax credit at closing.

 

Call or E-mail me for information, Thanks Sid Reitsma. 562-412-1327

 

(Information taken from Century Mortgage Website.)
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