First Time Home Buyers in Asheville may benefit from the First Time Home Buyer Tax Credit. 

For a purchase of a principal residence, the new bill will provide $8,000 tax credit available for first time home buyers if they purchase on or after January 1, 2009 before December 1, 2009. 

• First time home buyer - someone who did not own another main home at any time during the three years prior to the date of purchase. 
• The new credit is $8,000 refundable tax.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. 
• Tax Credit reduces the buyer’s income tax liability and does not require repayment.
• Credit applies to purchase on or after January 1, 2009 before December 1, 2009.
• Recapture rule applies - If you claim the credit, you must own the home for three years as primary residence.
• Buyer is eligible for the credit if his/her income is no more than $75,000. Married couples who file a Joint return may have income of no more than $150,000.

For more details on this tax credit and who qualifies, details are provided by the National Association of Realtors or you may contact me to learn more.

-Steve Bourke, Group Leader

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