Time is running out to claim your $8,000 tax credit!
In about 90 days, Uncle Sam will end the $8,000 tax credit for first-time homebuyers, eliminating a popular program that has helped thousands of buyers realize the American Dream this year.
But you can still take advantage of this phenomenal program - which ends December 1, 2009 - if you act quickly.
Maybe you are not a first time home buyer but I am sure you know someone that is, do them a favor and tell them that now is a great time to be a home buyer and even better for first time home buyers!
The program expires November 30, 2009 and closing on a home can take 45 - 60 days.
The qualification criteria are as follows:
-Buyer may not have owned a "main home" in the past 36 months.
-The home may not be purchased from a parent, spouse, or child.
-Adjusted gross income for the household must be below $95,000 for single tax filers and $170,000 for joint tax filers.
Furthermore, not everyone who's qualified will get the full $8,000. The credit can't exceed 10 percent of a home's purchase price, for example, and households with income approaching program limits get lesser benefits, too.
Meanwhile, an interesting note about the First-Time Home Buyer Tax Credit is that it's a true tax credit and not a deduction. A person or couple claiming the $8,000 credit whose "normal" tax liability is $5,000 would get back $5,000 or whatever had been withheld for federal income taxes plus an additional $3,000 from the US Treasury when their tax return is processed by the IRS.
Review the program's criteria at your leisure, but don't wait until October to start looking for homes.
Call me today!
I AM NOT A TAX ACCOUNTANT, SO PLEASE CONSULT YOUR TAX ACCOUNTANT TO FIND OUR THE EXACT DETAILS AND IF YOU QUALIFY
