$8,000 First Time Homebuyer Tax Credit

Purchase a Home Now and Take Advantage of the New Tax Credit of up to $8,000

A benefit that makes your new home affordable

A tax credit is available for first-time homebuyers under the American Recovery and Reinvestment Act of 2009. If you buy a home between January 1, 2009 and November 30, 2009, you may be eligible to receive a tax credit for 10% of the purchase price of your home—up to $8,000.

Program highlights include:

1. Any individual (and if married, their spouse) who has no ownership interest in a home during the last three years is eligible.

2. Full credit for single taxpayers with incomes up to $75,000 ($150,000 on a joint return); partial credit for incomes up to $95,000 ($170,000 joint return).

3. Available for the purchase of a single-family home that will be used as a principal residence. Moreover, if the new home you are purchasing is a mobile home or condo, and it is going to be your principal residence, you still qualify for the home buyer tax credit. Even building a home on a land (as opposed to purchasing a ready-made house) qualifies for the $8000 housing tax credit.

4. Homebuyers can reduce (or even eliminate) their income tax liability for the year of purchase by claiming the credit on their tax return.*

5. If the home is sold before three years, the first-time home buyer (who is now the seller) must pay the IRS the entire amount of the tax credit at closing.

*Certain eligibility criteria must be met. Homebuyers should consult their tax advisor for further details.

(Sourse: Chris Mygatt, President Coldwell Banker Residential Brokerage Colorado)

If you are a first-time homebuyer, now may be the ideal time to consider purchasing a home. Contact me today to learn more about the current state-of-the-market, including details on determining your purchasing power in today’s market.

Leigh Bramer

Coldwell Banker

Broker Associate

Direct: 720-291-1111

Office: 303-841-5263 x6399

Fax: 303-379-5488

Leigh@BramerRealEstate.com

http://www.bramerrealestate.com/

Go to www.BramerRealEstate.com to search for all homes for sale in the Denver Metro Area and be the first to be notified when a home goes on the market. Find out what your home is worth now.