Attention: First-Time Home Buyer $8,000 Tax Credit Expires 12/01/2009
If you can close escrow on a home prior to December 1, 2009, you may be entitled to an $8,000 tax credit. This amendment to the economic stimulus bill will be available to you if you purchase your first home between 1/1/2009 and 12/1/2009. Home buyers will be entitled to claim a total tax credit of $8,000 or 10% of the purchase price, whichever is less. To avoid possible abuse of this credit, it is only allowed for your primary residence and will only have to be re-paid if said house is sold within three years of purchase. Keep in mind that you must close before December 1, 2009 to be eligible for credit. Most closings take about sixty days, so with that in mind you should go under contract by October 2nd, 2009 — not really all that much time to find your first home. One interesting thing to note: even if you’ve owned a home before, but have not owned in the last 3 years, you may qualify. If you can meet these deadlines, all you have to do to claim your credit is fill out I.R.S. Form 5405.
For more information about this credit go to the IRS website.
For a summary of the “First Time Home Buyer Tax Credit” review this pamphlet provided by the National Association of Realtors®
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