Blog by David Bergman

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$8000 First time Homebuyer Tax Credit

A first time homebuyer (a person who for the last 3 years has not had ownership in a principal residence) may receive up to 10% of the purchase price of a home, not to exceed $8,000 as a tax credit.  You may be eligible for this tax credit if your income is $95,000 for individuals and $170,000 for joint filers.    This tax credit is a dollar for dollar reduction of income taxes owed.   The program requires you to keep the home for 36 months – if you sell or rent the property before 36 months has passed  you may have to repay the credit.  This program expires November 30, 2009 – take advantage of it!  Call me today to start looking for the right home for you.