What's this $8,000 Tax Credit all about?!!!

President Obama's tax credit is for First Time homebuyers who purchase a home on or after January 1st, 2009 and Before December 1st, 2009.  For new construction, the date that counts is the day you actually occupy the property so be sure that's before December 1st!!

Keep in mind that $8,000 is the maximum.  You can take up to 10% of your homes value or $8,000 whichever is less.  There are some income requirements as well.  In order to take advantage of the full credit, singles cant make more then $75,000; married couples, $150,000.  This is NOT a tax deduction.  It is a tax credit.  Therefore, you can use all the allowable deduction, even if you dont owe $8,000.  i.e. You can end up in the black!

Those not eligible are people who buy their homes from close relatives and non-resident aliens. If you sell your home within 3 years of purchasing it, you must REPAY the tax credit.

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