First Time Home Buyer Tax Credit
Get $8,000 from the IRS NOW !!!
If you have not owned a home within the last 3 years, and your income is below a certain level, you may well be able to get a tax credit of $8,000 from the IRS.
This is a tax CREDIT - not a deduction. The reason that this is so important is that TAX CREDITS put that amount of money directly into your pocket. A deduction only reduces your taxes by a percent of the deduction amount - and that percent isn't usually very large.
Also, there are now programs that will enable you to use this tax credit for your downpayment or closing costs. So this can enable an individual to purchase a home with very little down.
This credit is currently due to run out by April 30, 2010, and it's unlikely to be extended. This means that you should be looking for a home NOW to take advantage of this. You'll need to have a contract finalized by April 30, 2010 and the closing must occur before June 30, 2010. So don't let this credit get away from you.
Let us tell you more about this important program.......
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