Much discussion has been made of the refundable tax credit of up to $8,000 available to first time homebuyers. Unless extended by Congress, this credit will expire on November 30, 2009. The credit is calculated at the lesser of 10% of the purchase price or $8,000 and is fully refundable and not limited by the tax you owe. To qualify as a first time homebuyer, you must not have owned a home as your personal residence in the previous three years. You can receive the funds from this credit quicker by amending your 2008 income tax return. Please contact us with any questions.
