Government Tax Credit for Home Buyers!

For anyone looking to purchase a home, this could be the opportunity of a lifetime. There will probably never be a better time to buy a new home!

As a repeat home buyer, you are not required to sell or move out of your current home!

Prudential Verani Realty has helped thousands of first time home buyers for decades, and we know the time has never been better for you to buy your first home. This government offer ends soon - April 30, 2010 - so contact a Prudential Verani real estate professional to get started!

Amount of Credit:

• First time home buyers - 10% of the cost of the home up to $8,000
  (whichever is less)
• Repeat home buyers - 10% of the cost of the home up to $6,500
  (whichever is less)

Property types:

• Single family homes
• Condos
• Co-ops
• Townhouses
• Primary residence only

Income limits:

• Buyers with adjusted gross income of up to $75,000 on a single
  tax return or up to $150,000 on a joint tax return are eligible for
  the full tax credit.
• Buyers with adjusted gross income of between $75,000 and
  $95,000 on a single tax return or between $150,000 and
  $170,000 on a joint return are eligible for a reduced tax credit.
• Buyers with adjusted gross income of more than $95,000 on a
  single tax return or more than $170,000 on a joint tax return are
  not eligible.

Repayment:

• The tax credit does not need to be repaid if the buyer owns the
  home for at least 3 years.

How does it work?

• The amount of the tax credit will be added to any refund that is
  owed on the buyer's income tax, or any amount that the buyer
  owes on their income taxes will be reduced by the amount of
  the tax credit.
• Example 1: Buyer is owed a $2,000 refund on their 2009 income
  taxes. If buyer qualifies for full tax credit, this will be adjusted to a $10,000 tax refund.
• Example 2: Buyer owes $2,000 on their 2009 income taxes.
  If buyer qualifies for full tax credit, this will be adjusted to a
  $6,000 tax refund.
• Example 3: Buyer owes $10,000 on their 2009 income taxes.
  If buyer qualifies for full tax credit, this will be adjusted to
  $2,000 owed on 2009 income taxes.

Effective dates:

• The tax credit is available for buyers who purchase properties
  between January 1, 2009 and April 30, 2010.

More Information:

• For more information please go to: www.federalhousingtaxcredit.com or contact your accountant.