First-Time Homebuyer Tax Credit

It seems that business is picking up…I’m quite busy for the first day of the fourth quarter! I feel the surge in business is primarily due to the First-Time Home Buyer Tax Credit. The deadline is looming…November 30, 2009. However, there is still time to take advantage of the credit! Enlist the help of a Realtor that you’re comfortable with, get pre-approved and start looking for property! There is one item that has caused some confusion, though…..the credit does not have to be repaid if you live in the property 36 months from the day of purchase. If you sell prior to that date, you’ll be required to repay the credit by including it as additional tax on the return for the year the home ceases to be your main home….IRS Form 5405. Please email me or post a comment if you have questions!