$8,000 Tax Credit is for Real!!

If you are a first time home buyer, the time to buy is NOW!

Here is the scoop on the $8,000 tax credit for first time home buyers in the stimulus package just passed by Congress and signed by the President.

The credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of withholding they paid during the year- was less than that amount.

To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009.

To qualify buyers may not have owned a home for the past three years. Buyers must also live in the house as their primary residence for at least three years.

Applying for the credit is easy. Just claim it on your tax return. No other forms or papers have to be filed.

To qualify, buyers must make less than $75,000 for singles or $150,000 for couples.

Source: CNN.com

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