Thursday, August 13, 2009

Most Asked Tax Credit Questions Answered

1. How can I know if I'm eligible?

-must be a first time homebuyer, which by government definition means can't have
owned a home in the last three years.

2. I know there are restrictions or fine print, what are they?

-the home you purchase must be your primary residence.
-cannot buy your home from a close relative.
-cannot be a nonresident alien.
-must maintain this as your main home for three years.
-income limits for full credit are $75,000 for individuals and $150,000 for couples.

3. How long do I have to take the credit?

-it expires on Nov. 30, 2009 which means you must close on the home by this date.

4. What if I sell this home before the three year time period?

-it must be repaid in full.

5. Do I have to wait till I file my 2009 taxes in order to get the money?

-no you can file a 2008 amended return.

More questions and answers can be found at or feel free to give me a call 937-423-3316 , email me, or register to take one of the free first time homebuyer classes I offer (see previous posts). Information about the classes can also be found at or

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