Attention First-Time Home Buyers!

Enhanced Tax Credit Provides Outstanding Opportunity for Home Buyers 
In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers. 

But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible. Use the links below to find out more about the tax credit.

$8,000 Home Buyer Tax Credit at a Glance:
The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. 

For more details visit: http://www.federalhousingtaxcredit.com/2009/faq.php 

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Another tax Savings for First-Time Home Buyers -- The Home Buyer’s Tax Credit
What is the Home Buyer's Tax credit?  For 2009 and subsequent years, the budget proposes to introduce a new non-refundable tax credit, based on an amount of $5,000 for certain home buyers that aquire a qualifying home after January 27, 2009. (ie. after this closing date.)

The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000.  For 2009, the credit will be $750....

Please click here to read the remainder of out informative article, courtesy of Welwood, Weins & Warkentin law office.