First Time Homebuyer Tax Credit

The 2009/2010 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 December,  2009 - April 30, 2010 , 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. Your must purchase the home prior to April 30, 2010 but purchaser will have until July 1, 2010 to close. The full amount of credit is available for individuals with adjusted gross income of no more than $125,000 Single($225,000 on a joint return).  Purchases must be be between 12-1-09 and 4-30-2010.

Current Homeowner Tax Credit

Current Homeowner must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years for the $6500 tax credit. Effective dates are December 1- April 30, 2010.

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