Opportunity of a Lifetime for
First-Time Buyers

U.S. Government Recently Announced First-Time Home Buyer Tax Credit of up to $7,500.00.  This credit is available on homes purchased before July 1, 2009.

Brief Explanation of First-Time Home Buyer Tax Credit

• The credit is available for first time home buyers only. Under the law, a first time home buyer is defined as anyone who has not owned a principal residence within the last three (3) years.
• The maximum amount of credit is $7,500.00.
• The purchase of the home must take place on or after April 9, 2008 and before July 1, 2009.
• To qualify for this, single taxpayers may have incomes up to $75,000.00; married couples may have combined incomes up to $150,000.00.

Property Taxes

New legislation will provide temporary tax relief for home owners that do not itemize their deductions for the tax year 2008.  Taxpayers who pay property taxes will receive a $500.00 additional standard deduction ($1,000.00) for married  couples.