With the market the way it is, the American Recovery and Reinvestment Act has placed several programs for taxpayers to take advantage. One of the popular one is the First Time Home Buyer Credit. This credit has provided tax benefits to over 1.4 million taxpayers and counting. Unfortunately, the First Time Home Buyer Credit is available for a limited time. As a result, the IRS has announced that in order to qualify for the credit, potential homebuyers must close on their new home by 11/30/09 and complete their first-time home purchase before 12/1/09.
Just a quick reminder about the First Time Homebuyer Credit- The Credit is available to US citizens or residents purchasing a qualified home in the United States. This credit is 10% of the purchase price or up to $8,000 maximum. In addition, homebuyers with qualifying income levels could not have owned a home in the past 3 years. Another added benefit is that this credit is a refundable credit, meaning the taxpayer will be able to receive the money even if they owe no tax or the credit is more than the tax liability.
source: http://www.irs.gov/newsroom/article/0,,id=213375,00.html
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