HobNobMurfreesboro Presents the Top 3 Things to Know About the $8,000 First-Time Homebuyer Tax Credit

Murfreesboro, TN, July 20, 2009 --(PR.com)-- HobNobMurfreesboro has been working closely with Ray Burkhalter, owner of Sugarbush Properties, LLC who has almost two decades of real estate experience and together have laid out some important things to know about the new 2009 First Time Homebuyer Tax Credit Program.

This program is intended to help stimulate sales in the real estate market. However, HobNobMurfreesboro and Ray Burkhalter want the public to be aware that if you or someone you know are considering the purchase of a home, here are some important things to know about the program.

1. Who qualifies for the program?
a. A buyer who purchases a home for their principle residence (not an investment property or vacation home) between 1/1/09 and 12/1/09. The purchase cannot be from a close relative to qualify for this program.
b. Someone with income under $75,000 for a single person and $150,000 for a couple filing jointly. Check with your tax preparer for your AGI (adjusted gross income)
c. A person that has not owned a principle residence in the last 3 years.

2. It’s a tax credit, not an immediate check in your hand.
a. To get the cash you must file for it on your tax returns for 2009 or possibly amend your 2008 returns for faster access to the money.
b. Be aware that you must live in the house for 3 years or you will have to pay the full amount back.

3. Search the IRS.gov website for ‘First-Time Homebuyer Credit Questions and Answers: Homes Purchased in 2009.

For Tennessee specific information check with Tennessee Housing Development Agency or call Ray Burkhalter with Sugarbush Properties, LLC at 615-494-5021

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