A Once In A Lifetime Opportunity

On February 17, 2009, President Obama signed important housing legislation that revises and extends the tax credit provisions of The Home Recovery Act of 2008, designed to help home buyers and strengthen the housing finance system.

Overview of First Time Buyer Tax Credit

An important part of this legislation is specifically aimed at assisting qualified first time home buyers who have been unable to purchase their own homes due to the recent downturn in the credit market. Here are a few of the important points in the bill relating to this tax credit opportunity.

TAX CREDIT AT A GLANCE

• The tax credit is available for first-time home buyers only.

• The tax credit does not have to be re-paid.

• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.

Please note that this information is for information only. It should not be used in place of a consultation with your professional tax, accountant, legal or other trained adviser. There are no guarantees of timeliness, completeness or accuracy. You should consult with one of these qualified professionals with all of the facts that apply to your particular situation before making any decision or taking any action as a result of this information.

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