The $8,000 tax credit deadline for first-time homebuyers will be here soon

Right now is the time to buy your first home and receive the $8,000 tax credit, which is part of the American Recovery and Reinvestment Act. The deadline to file for the tax credit is November 30, 2009, and while that date may seem way in the future, first-time homebuyers must begin the process now to make the deadline.

Here’s a refresher about the tax credit:

First-time homebuyers will receive an $8,000 tax credit, or 10 percent of the home’s value, whichever is less. First-time homebuyers are defined as those who have not owned a principle home during the past three years.

The credit can be applied to either 2008 or 2009 tax returns and does not need to be repaid if the homebuyer lives in the house for a minimum of three years.

The tax credit applies to first-time buyers who purchase a principle home between January 1, 2009 and November 30, 2009.

Claiming the tax credit is easy. Once the sale is completed, new first-time buyers can claim the tax credit on their returns. No special forms or documents are required.

Don’t pass up this great deal. A wide variety of homes are available now and you can be a part of our country’s economic revival. Give me a call. I’ll explain the tax credit and home purchase in simple, easy-to-understand language.

Also, you can check out Realtor.org. The more you know, the better decisions you make.