$8,000 FOR FIRST TIME HOMEBUYERS
Read more about President Obama's "First-Time Homebuyer Tax Credit." Take advantage of this opportunity before it sunsets on December 1, 2009! Click Here. Here's the basic qualifications: 1) You must NOT have owned another primary residence in the past 3 years 2) You must make under $75,000 if single, or $150,000 if married 3) Must buy (closed transaction) between Jan 1, 2009 and December 1, 2009 Cool features: 1) You dont have to repay this credit...not like the previous credit from 2008 which acted like an interest-free loan (except in the case described in item #1 below). 2) The $8,000 credit is a dollar-for-dollar credit on your taxes. So if you owe $6,000 and get the credit you will get a refund check for $2,000 Not-so-cool feature: 1) If you sell your home within the first three years the entire amount of the credit will be recaptured. **DISCLAIMER: Benn Pacific Group and its agents, employees and affiliates are not CPA's. Consult your tax professional to examine if this credit would apply to you.**
