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Up To $8,000 From the Goverment WOW !

First Time Homebuyers it?s time to act and commit: A provision of the recently-passed federal housing recovery bill gives first-time home buyers a tax credit up to $8,000 in the form of an income tax credit.

How much credit do I get? The tax credit is equal to 10 percent of the home purchase price up to a maximum of $8,000.

What types of homes will qualify for the tax credit? This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats that will be used as the buyer?s principal residence.

How long do I have to qualify for this credit? The new law is available for the purchase of a principal residence made on or after January 1st, 2009 and before December 1st 2009.

Who qualifies for the new tax credit? Only new home buyers, these homebuyers are defined as those who have not owned a home for at least three years. They will claim the tax credit the first year they file federal taxes and receive the money as a reduction of their federal tax liability.

Can I get more than $8,000? NO, the credit is 10% of the total cost of the home. If a home is $65,000 the maximum allowable credit would be $6500. If a home is worth $80,000 or more the maximum credit will only be $8,000.

Do I have to repay the amount of tax credit given to me? This tax credit does not have to be repaid. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount.

What If I already have submitted my 2008 tax return to the IRS, you may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.

I am not a U.S. citizen. Can I claim the tax credit? Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.

Buyers this is a great opportunity for you, if you are still sitting on the sidelines it's time to act and commit yourself to home ownership.

Here at Road House Realty we specialize in helping buyers with questions about their next home purchase. Call us right now at 407-392-4663 so that we can help you find your dream Home.

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