Free Money from the Government

When was the last time you got free money from the government?  Well, time is running out on the $8,000 federal tax credit.  The deadline is November 30, which is only five weeks away.  

The federal tax credit is for first time buyers only as part of the economic stimulus package.  When buying a home under this credit, you will receive a credit for $8,000 or 10% of the home's value, whichever is less.

Facts about the federal tax credit:

* Purchase Date: The property must be purchased between January 1, 2009 and November 30, 2009.  Buyers must be a "first time" buyer, meaning they must not have owned or lived in a primary residence within the past three years. 

* Refundable: The federal tax credit is refundable.  Tax filers will get a refund of the full $8,000 even if their total tax bill was less than that amount.

* Income Restrictions: Single buyers must make less than $75,000 a year to qualify and couples must make less than $150,000 to qualify.  Partial credits may be given to higher-income buyers.

If you still have questions about the $8,000 federal tax credit, please don't delay.  today.  The deadline is approaching quickly and you don't want to miss out on this opportunity.

Realtor  ~  Lake Havasu City, Arizona Real Estate

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