7500.00 Tax Credit for First Time Home Buyers!

The IRS is allowing a "Tax Credit" for 1st Time Home Buyers up to 10% or

$7,500....received when they file their 2008 tax return.

Below is a little information on this credit...

COPIED FROM IRS WEBSITE:

Who is eligible to claim the $7,500 tax credit?

First time home buyers purchasing any kind of home-new or resale-are eligiblefor the tax credit. Contact Jennifer Taylor with Colonial Bank to pre-qualify. To qualify for the tax credit, a home purchase must occur on or after April 9, 2008 and before July 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs.

Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2008 tax return?

Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the future home buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the down payment. Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment

Feel free to contact me with any questions ...

Thanks!

Walter Jones