$8,000 First-Time Homebuyer Tax Credit

You've heard it a lot lately, but now it's more true than ever:

Now is a great time to buy.

And not only is now a great time to buy - it's a SMART time to buy. And what's the name of this website? Smart Successful Women Own Real Estate.

As of February 19, the government is offering up to an $8,000 tax credit for first-time homebuyers. If you have been thinking about buying, now's the time to do something about it. Here are a few of the facts about the new tax credit:

• Who is eligible? First-time homebuyers who are qualifying taxpayers who buy a house this year before December 1, 2009


• How is "first-time homebuyer" defined? The IRS defines first-time homebuyer: "For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase."


• When can I claim my credit? On your 2008 or 2009 tax return (you must fill out Form 5405 with your tax return)


• How does my income affect my tax credit? The amount of the tax credit begins to phase out if your adjusted gross income is over $75,000 (or more than $150,000 for joint filers).


• Do I have to pay back the $8,000 tax credit? No, unlike the 2008 tax credit, you do not have to pay the 2009 tax credit back. (For more information on the differences between the 2008 and 2009 tax credits, please click here.)


• What if I want to buy a condo? All single-family residences are eligible, including townhomes, condos, co-ops and detached houses, as long as it will serve as your primary residence.

If you have more questions about this INCREDIBLE opportunity to be rewarded for buying a home, please give me a call. I can help you understand the tax credit, as well as understand the homebuying process.