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A tax credit is accessible for qualified first-time home buyers buying a principal residence on or after January 1, 2009 and prior to December 1, 2009. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

The First-Time Home Buyer Tax Credit is part of the American Recovery and Reinvestment Act of 2009.
Through it, Congress allow first-time home buyer’s to receive a tax credit of up to $8,000. The program’s goal was to stimulate first-time home buyer’s buy a home, and by most measures, the plan has work really well.

If you’re planning to ask for the $8,000 First-Time home buyer tax credit and haven’t bought a house yet, you might be running out of time.

You have to be closed on your new house on or prior to December 1.

Since closing escrow can take up to 60 days, your $8,000 tax credit is in danger unless you open escrow prior to October 2, 2009.

First-time home buyers represent approximately one-third of all home sales.

The Internal Revenue Service defines “first-time home buyer” as a buyer who has not owned a primary home for the period of three-year period preceding to the purchase of a new home.

Now, not all first-time home buyers qualify for the $8000 credit.

Here are some exceptions:
* File taxes individually and whose adjusted gross income is more than $95,000
* File taxes jointly and whose adjusted gross income is more than $170,000
* Buy property from a mother, father, sibling or child
* Purchase property from an entity in which they’re a majority owner.
* Receive the home by gift or inheritance

Let’s say that you qualify and that you go open escrow before October 2nd and close before December 1st, the good news is that it’s easy to obtain your tax credit. All you have to do is send IRS Form 5405 with your 2009 tax returns in April 2010.

If you are currently working with a Realtor that is not delivering results and would like to try a different approach, we, as your local Realtors would like to apply for the job of representing you on your next home purchase.

To find out how we can find you a home in the next two weeks, contact us through our secure web form today!

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