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Homebuyer tax credit resources

October 5, 2009


Time is running out for first-time homebuyer tax credit

Time is running out to take advantage of the first-time homebuyer credit!  With the deadline quickly approaching, the Internal Revenue Service would like to remind potential homebuyers that they must complete their home purchases before December 1, 2009 to qualify for the special first-time homebuyer credit, which has provided a tax benefit to more than 1.4 million taxpayers so far.

The credit of up to $8,000 is generally available to homebuyers with qualifying income levels who have never owned a home or have not owned one in the past three years.

The IRS has recently issued a news release that reviews the qualifications for the first-time homebuyer credit. Other resources that explain the credit in detail are also available, including a YouTube video and a First-Time Homebuyer Credit webpage.

In addition, the IRS will be holding a Nationwide Phone Forum on the first-time homebuyer credit on October 21, 2009.  This free program will provide information about the credit’s eligibility rules for 2008 and 2009, events that trigger the repayment of the credit, and common errors to avoid. Participants can choose from three call times — 10 a.m., 1 p.m. and 4 p.m. (Eastern Time). More information on this event can be found on at the IRS website under Nationwide Phone Forums.

In addition to these IRS resources, please be aware of the New Hampshire Housing Finance Authority's Home Advantage program, which allows buyers to monetize the tax credit at the time of purchase to provide up to $10,000 down payment and closing cost assistance funds.

For more on the Home Advantage program, download NHHFA's flyer here, or visit their website at www.nhhfa.org.  And as a bonus, click here to find a customizable letter to send to your clients making them aware of both the tax credit and the Home Advantage program.

 

 

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