Recieve $8000 to buy your first home.

First-Time Home Buyer Tax Credit

Right now, an $8,000 tax credit is being offered by the government to enable aspiring homeowners to buy their first home.¹

If you are eligible, the tax credit can help ease the financial transition from renting to owning. It can assist with buying furniture and home-décor; making home improvements - like remodeling, landscaping and painting; or paying down debt as you adjust to new monthly expenses. Homes purchased between January 1, 2009 and December 1, 2009 are eligible.

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President Obama wants to help stabilize the housing market and has taken positive steps to do so. On February 17, 2009, the American Recovery and Reinvestment Act was signed into law. The $8000 tax credit for first time home buyers is part of this new law.

Are you eligible for the tax credit?

The tax credit is designated for first-time home buyers.2 You are considered a first time home buyer if you have not owned a home in the last three years.

The tax credit given will be ten percent of the home purchase price, up to $8,000. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the entire tax credit. Single taxpayers with incomes between $75,000 and $95,000, and married couples with incomes between $150,000 and $170,000 will receive a partial tax credit.

You may use your tax credit to purchase a single-family home, condominium or townhome as long as the home is your primary residence. Just purchase the home before December 1st, 2009. If you are purchasing a new construction home you must purchase and occupy the home by December 1, 2009.

To learn more about obtaining the tax credit and repayment, visit our web page at www.DavidAndLoisMarris.com.

Visit www.irs.gov for all the details.

This information is subject to change without notice.
1. Consult a tax advisor regarding your individual situation. This information is not intended to provide legal advice, tax advice, accounting services, or investment advice, nor should it be relied on for legal advice. Please seek the advice of your own legal counsel.
2. Not available for those who qualify for a similar tax credit in the District of Columbia, or for those who finance their home purchase under a mortgage revenue bond program.

Rochester, MN real estate agents David and Lois Marris are top producing REALTORs at Edina Realty, the number one real estate brokerage in Minnesota. Visit their web page at www.DavidAndLoisMarris.com.