First-Time Home Buyer Tax Credit

If you have not owned a primary residence in the last three years and you earn less then $75,000 per year and you're single (or $150,000 married) you are most likely eligible for a tax credit equal to 10% of the purchase price of any primary residence home you buy in 2009 to a maximum of $8000. Because this tax credit is refundable you can get money back even if you don't have much tax liability. The only thing to beware of is that you must stay in the home for three years in order to keep the credit. If you move before the three years you may have to return the credit or some portion to the government. With housing prices lower then they've been in a few years coupled with this incentive it is the perfect time to buy. If you'd like to see what kind of homes are for sale in Colorado Springs visit my website: http://www.yourhomeinthesprings.com/. If you have questions, call me 719-330-8531.