Tax Credit Provides Incentive For Homebuyers (NAPSA)—With low interest rates and an abundance of inventory, buyers are seeing that now is the time to buy. And for those who were previously on the fence, the recently approved 2009 first-time homebuyer tax credit is becoming the incentive they need, allowing buyers to save thousands on a new homethis year. The $8,000 tax credit is available to first-time homebuyers who purchase a principal residence between January 1, 2009 and December 1, 2009. First-time homebuyers who qualify are those who have not owned a residence during the three years prior to the purchase. Unlike previous homebuyer tax credits, this credit does not have to be repaid and can be used as a down payment toward the purchase of the home. For many interested buyers, this tax credit not only provides financial support, but it allows many to realize the dream of homeownership that they may not have qualified for previously. The details of the credit are similar to the one offered in 2008 and include the following requirements: Buyers must close on their home purchase by November30, 2009. Buyers must ensure that they are qualified first-time buyers under IRS guidelines. Buyers must decide which yearto file under, 2008 or 2009. Buyers mustfile an amended 2008 return or choose to apply the credit to their 2009 tax return. The success of the tax credit thus far has increased support for legislation that would extend the tax credit beyond the current A home of your own maybe easier for your family to finance than you may havefeared, thanks to new tax legislation. deadline, as well as that which would open it beyond first-time buyers. This is just one of many efforts under way to help people such as you achieve the dream of homeownership. With all of the requirements andrestrictions for this credit, the key is to work with a real estate professional who knowsthelocal market and specializes in buyer representation—such as an agent who has earned the Accredited Buyer’s Representative (ABR) designation. Administered by the Real Estate Buyer’s Agent Council (REBAC), the ABR designation is awarded to Realtors who have undertaken special training to help them guide buyers through the intricate process of the home purchase. The expertise of ABRdesignated Realtors is further demonstrated in the professional experiential requirement all can- didates must meet. To find an ABR-designated agent nearby and to receive a free copy of the REBAC-published “Homebuyer’s Toolkit,” visit www. REBAC.netorcall (800) 648-6224.
