TAX BREAK! FIRST TIME HOME BUYERS!

First, even if you've previously owned a home Uncle Sam says you are a first time buyer if you haven't owned a home in the past three years.

If you are a first time buyer and purchase a home on or after Jan. 1, 2009 and before Dec. 1, 2009, you may qualify for this TAX CREDIT. Tax credits are better than deductions as they count dollar for dollar against income rather than being tied to an income bracket in the tax tables. A potential disqualifier might be if one partner, husband or wife has owned a home within the past three years.

Potentially, qualifying purchasers can get an $8,000 tax credit to use against either their 2008 or 2009 Federal Income Tax. This is a really good deal and can go a long way toward helping individuals or couples to reduce the costs of homeownership; however, there are qualifying income levels. Ask me about this, or talk to your tax preparer or accountant.