Displaying items by tag: First time home buyers

REAL ESTATE REALITY

ATTENTION: First-Time Home Buyers!

Clearwater, FL (March 2009) - The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time homebuyers that purchase a home between January 1, 2009 and December 1, 2009 and that they will occupy as their main or primary residence.

Even though this tax credit only counts for a primary residence, it may be a single family home such as a townhome, condominium, villa, manufactured home and even houseboats.

A first-time home buyer is defined as anyone that has not owned a home for three years prior to the current purchase of a home.  This means that if a married couple would like to qualify for this program, that neither of them could have owned a home for three years.

Depending also on your income, the tax credit is equal to 10% of the purchase price up to a maximum of $8,000.   There are income limitations that apply and can lower or eliminate the tax credit, depending on how much money the buyer makes.

It is very easy to claim the tax credit; you simply claim it on your federal income tax return!