I'm writing to remind people in our community that a valuable tax credit for first-time homeowners is set to expire April 30, and that now is the time to act.
The tax credit is worth up to $8,000 for qualified first-time home-buyers, while some current homeowners (those who have occupied a home for any five consecutive years in the last eight) can receive a credit for up to $6,500. The home must be purchased between Nov. 7, 2009 and April 30, 2010.
As a realtor, I help people to achieve the American dream of homeownership. I've never seen a greater opportunity - with this tax credit and low interest rates - for people to get the home of their dreams at the right price.
It's also easy to claim the credit. When you file your taxes for the year you purchase your home, simply subtract the amount of the credit from your federal income tax liability, increasing the size of your refund or reducing the amount that you owe. If the refund is greater than the amount they owe, qualified buyers will even get a refund from the IRS.
Simply put, people who are considering purchasing a home shouldn't miss this opportunity.
Laurene Stubbs
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