hey pb,people should re-read this one,
Expert Group, Inc. -- Expanded Tax Credit Available Immediately to First Time Homebuyers
On Monday May 18, 2009, 1:18 pm EDT
Buzz up! Print Expert Group, Inc. (Pinksheets: EXPU - News) is proud to present the new tax Down Payment Incentives for first time homeowners.
The Internal Revenue Service announced that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before Dec. 1 have a special option available for claiming the tax credit for use immediately using the IRS tax form 5405. The IRS has posted a revised version of Form 5405, First-Time Homebuyer Credit on its website. The revised form incorporates provisions from the American Recovery and Reinvestment Act of 2009. The instructions to the revised Form 5405 provide additional information on who can and cannot claim the credit, income limitations and repayment of the credit.
They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.
For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase.
The IRS also alerted taxpayers that the new law does not affect people who purchased a home after April 8, 2008, and on or before Dec. 31, 2008. For these taxpayers who are claiming the credit on their 2008 tax returns, the maximum credit remains 10 percent of the purchase price, up to $7,500, or $3,750 for married individuals filing separately.
"For first-time homebuyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit," said IRS Commissioner Doug Shulman. "This important change gives qualifying homebuyers cash they do not have to pay back."
In addition the credit can be utilized as down payment or closing costs at closing, simply call Expert Financing at 305-949-5626 for more details.
About Expert Group, Inc.:
Expert Group, Inc. markets a variety of financial products and services through Expert Financing & Investments, Expert Group Title Services and Expert Credit Fix U.S.A. Expert is licensed by the Department of Financial Regulations and a member of FAMB, an FHA approved lender.
About Expert Financing:
Expert financing offers up-to-date loan programs
AI
