$8000 tax credit to first time home buyers - Government Stimulus Plan

As part of the "American Recovery and Reinvestment Act of 2009," the bill referenced was signed into law on February 17, 2009. With this new tax credit, there is no repayment required. Here are some of the specifics of the new bill:
--Amount: $8,000 tax credit, or 10% of the home's value, whichever is less - on buyer's 2008 or 2009 taxes.
--For Whom: 1st time home buyers (A 1st time home buyer is defined as someone who has not owned a property in the last 3 years).
--Time Frame: Purchase between 1-1-09 and 11-30-09
--Repayment: No repayment required as long as you live in the home 3 years, or more.
--Property Taxes: For principle residence only - single family residence, condo or townhouse.
--Income Requirements: Maximum $75,000 for single buyer, and $150,000 for a married couple.
--Claiming the Credit: The credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

As always...please email or call either of us anytime for further details.