HOME BUYERS TAX CREDIT EXPIRATION |
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First Time Home Buyers $8,000 Tax Credit will expire on 12/01/2009
All good thinks come to an end and if you decide to purchase a home in Houston and the surrounding areas by December 1, 2009, you will be entitled to an $8.000 Tax Credit. This amendment to the economic stimulus bill will be available to you if you purchase your first home between January 1, 2009 to December 1, 2009. Home buyers will be entitled to claim a total tax credit of $8,000 or 10% of the purchase price, whichever is less.
To avoid possible abuse of this credit, it is only allowed for your primary residence and will only have to be re-paid if said house is sold within 2 years of purchase. Keep in mind that you must close on or before December 1, 2009 to be eligible for the credit.
Most closings take about forty five to sixty days, so with that in mind you must go under contract by October 2nd to 17th, 2009. If you manage to meet these deadlines, all you have to do to claim your credit is fill out I.R.S. form 5405.
For more information about this credit go to the IRS website.
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