First Time Homebuyers Tax Credit

For people who recently purchased a home or are considering a home purchase that can close by November 30, the $8,000 tax credit for first-time homebuyers can be an attractive motivator. Unless extended by Congress, however; one needs to move quickly to qualify, find the right home, and meet requirements for the credit. Be sure you are prequalified with a good lender and ready to select a home that can close prior by 11/30.

According to IRS Commissioner Doug Stulman, "For people who recently purchased a home or are considering buying...[soon], there are several different ways that they can get this tax credit...."

The IRS reports that under the American Recovery and Reinvestment Act of 2009, qualifying taxpayers who purchase a home before December 1 receive up to $8,000 or $4,000 for married people filing separately.
My broker's blog provides additional information and links: http://raymondwarren.blogspot.com/2009/10/last-chance-45-days-to-close.html.

According to the IRS, the amount of the credit beginsn to phase out for taxpayers whose modified adjusted gross income is more than $75,000 or $150,000 for joing filers. Taxpayers can claim 10 percent of the purchase price under the terms of the Recovery Act. Go to www.Recovery.gov for additional information.

Please permit me to assist you in finding your first home or in other real estate needs. I am now licensed in TN and GA.