Home Buyers tax credit

 Get $8,000 Tax Credit on Your Home Purchase 
Extended Version allows Home Owners the Credit

• The American Recovery and Reinvestment Act of 2009 has been passed and is now available to Qualifying Buyers.  Extended Version has risen the Wage Qualification and not limited to first time home buyer
  
   $8,000 Home Buyers Tax Credit- First Time Buyers
                           
  6,500 Home Buyers Tax Credit - Homeowners Included                                           
  
  * Home Purchases made between Jan.1,2009 to April 30, 2010.  for Primary Residence
  
            * MAGI Annual Income below $125,000 - Single Buyers
  
             * MAGI Annual Income below $225,000 - Married Buyers
  
            * 10% of Homes Purchase Price up to $8,000 (First Time Buyers)
           
  * 6,500 Tax Credit to Current Home Owners Purchasing a Home.
•          
  * Does not have to be paid back  (Refund will be granted)
  
            * This does Apply to New Construction as long as you move in by April, 2010.
•  * First-Time Home Buyer - means you have not owned Primary Residence in the past 3 years
  
   * Current Homeowners - must have used the home as primary resident for 5 consecutive years in the last 8.
  
    * Unmarried: A Parent can Jointly Purchase a home with Son/Daughter (first time buyer)  and allow the child to get the tax credit
•   * As Above:  Unmarried:  Joint Purchase with Son/Daughter - Purchasing a vacation or rental property that is not used as Primary Residence do still qualify for first time home buyers tax credit allocated to Son/Daughter.
•     * If your income is a little higher -you still qualify but it's at a proportionally reduce rate
•     * Annual Income they are evaluating is the MAGI (Modified Adjustable Gross Income) Not AGI
  
  Do you Qualify?  - See Q & A most frequently asked

NEW Release:  HOT NEWS - Use Tax Credit to help.
                               Click Here for Details 

FHA Loans allow you to use the credit for closing cost or buy down interest rate, still require 3.5% downpayment. 
Some financial institutions have other programsthat will allow buyers to use the tax credit as down payment, in the form of a second mortgage to be paid back upon recieving that credit. 

** Leveraging your tax credit for Downpayment in Ohio.   

 The Tax Credit has a time limit  and you must purchase a Primary Resident before April 30, 2010.  This is part of the stimulus package that is designed to get the housing market flowing again.   An opportunity for you to make a great purchase and get some of that stimulus money that the big business's are getting.

Please consult your tax accountant to be certain you meet all the requirements.  Your accountant will have a simple form to fill out on your 2009 or 2010 tax return and you will be granted the refund.  This is not a deduction but a refund!!
Download Tax Form for Your Accountant: Click Here