Now is the time to take advantage of the First time home buyer tax credit of up to: $8,000

The American Recovery and Reimbursement Act of 2009 authorizes a tax credit of up to $8,000 for Qualified first-time home buyers purchasing a principle residence.

1. The amount of the Tax Credit is 10% of the home’s purchase price, capped at $8,000.
   
   
2. This program is not a deduction – it is a dollar-for-dollar credit to your total tax liability.
   
   
3. The Tax Credit is only for First Time Home Buyers and does not have to be repaid.
   
   
4. To qualify as a First Time Home Buyer one cannot have owned a home in the past 3 years.
   
   
5. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. If a buyer’s income exceeds the guideline they may qualify for a pro-rated tax credit.
   
   
6. The authorized tax credit is specifically for the purchase of a primary home on or after January 1, 2009 and before December 1, 2009.
   
   
7. The home can be a single-family home, condominium, loft or townhome.

For more information, contact: 
Keith R. Manzer at Cornerstone Realty
314.609.3155