$8,000 tax credit for 1st-time buyers

This great tax credit is one of the provisions of the American Recovery and Reinvestment Act, signed into law by President Obama on 2/17/09.

The bill provides for a $8,000 tax credit, available to first-time home buyers for the purchase of a primary residence between January 1, 2009 and December 1, 2009. The credit does not require repayment. The 2008 rules apply: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, the unused amount will be refunded as a check to the buyer.

Here are some useful related links:

FAQ from National Association of Realtors - http://www.realtor.org/wps/wcm/connect/599a64804d24c83d931ff726a9949436/government_affairs_homeb_tax_cred_qa.pdf?MOD=AJPERES&CACHEID=599a64804d24c83d931ff726a9949436

IRS tax credit form - http://www.irs.gov/pub/irs-pdf/f5405.pdf

Filing guidance from the IRS - http://www.irs.gov/newsroom/article/0,,id=205416,00.html

Home prices are fantastic, there are plenty to choose from, and this tax credit is a huge plus if you are a first-time buyer. Contact us at 520-461-9766 or info@athometucsonrealty.com to begin your home search today!

Have a great day!