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Receive up to $18,000 in Tax Credit


Pursuant to the American Recovery and Reinvestment Act of 2009, first time home buyers may be eligible for a tax credit of up to $8,000 on principal residences purchased on or after January 1, 2009 and before December 1, 2009. Unlike the 2008 tax credit, this will not have to be repaid as long as you do not sell the home for three years.

The first time home buyer credit is available for taxpayers who have never owned a principal property or have not owned one in 36 months or more. The amount of your tax credit is equal to 10% of your home purchase price up to a maximum of $8,000. First time buyers filing their taxes as single with an income up to $75,000 and married couples filing jointly with an income up to $150,000 are eligible to claim this housing credit.

In addition to the federal tax credit, many states are offering tax credits for home buyers. For example, California is offering up to $10,000 in tax credit for new home buyers.

For more information see www.federalhousingtaxcredit.com, www.irs.gov, http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml, or view your state's government website.