Calling First Time Homebuyers!!

Hi, my name is Elke Thornton-Husch and I’m a REALTOR with RE/MAX 100. Frederick.com has asked me to post an article every other week to keep you, the reader, posted on the real estate market. My goal is to provide you with information to keep you abreast of the market and give you the information you need when buying and selling a home. I would love to get questions from you the reader that I can post. Feel free to send me your questions or a topic you would like discussed to Elke@ElkeSellsHomes.com

Calling first time homebuyers (or not)! Hurry, Hurry-expires December 1, 2009
I’m sure at this point you’ve heard lots about the first time homebuyer tax credit, but what does it mean for you? Contrary to the title ‘First time Homebuyer’ you don’t necessarily need to be a first time homebuyer (check with your accountant to verify). The IRS describes first time homebuyers as someone who hasn’t owned a principal residence in the previous three years prior to purchasing a home.
The tax credit can be as much as $8,000! Here’s how it works. Buyers can take a tax credit (not a deduction) equal to 10 percent of the purchase-up to a maximum of $8000 off of their 2009 income taxes when filed next year. For example buy a house that’s $80,000 or more and you owe $8000 in taxes, you now would owe $0! Here’s the downfall-if you make $75,000 or more single, or $150,000 married filing jointly the tax credit maybe reduced. For more info go to http://www.federalhousingtaxcredit.com/2009/faq.php