First Time Homebuyer Tax Credit

The 2009 Credit is for first time homebuyers (person has not owned a home for 3 years). It is ten percent of the cost of home, not to exceed $8,000. This applies only to a principal residence. For homes purchased in 2009, you must repay the credit only if the home ceases to be your main home within a 36-month period beginning on the purchase date. The full amount of credit is available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000, respectively). Purchases must be between January 1,2009 and December 1,2009.

Please call Sue Barnes, West USA, 480-688-0550 for more information or e-mail at: sbarnes@westusa.com