Thursday, January 15, 2009

First -Time Homebuyer Tax Credit

What an opportunity for a first-time homebuyer or someone who has not owned a principal residence for the past three years.

Tax Form 1040 Line 69 First-time homebuyer credit.
Must fill out form 5405 as well (can be downloaded from

The highlights:

- Claim 10% of the home cost or $7500 maximum credit
- Must start repaying the credit two years after it has been claimed
- Repayment time = 15 years
- Home must be purchased before July 1, 2009
- Must be single family, principal residence (no investment properties)
- There are income restrictions
- Home must be located in the U.S.

For more information regarding this tax credit check with your tax professional or you can get the site for more info.

Here's another site you can go to for more information

You can always email (, call me (937-423-3316) or better yet leave me a comment. I'd love to hear from you.

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