• For first time buyers or for anyone who has NOT owned a primary residence for at least three years, Uncle Sam is giving a REFUNDABLE tax credit of 10% of the Sales Price up to $8,000.
• This credit is good until November 30, 2009 and can be claimed by those who closed on homes on or after January 1, 2009. 
• Refundable means that if your total tax liability in the given year is less than $8,000,  the IRS will send a refund for the balance. 

"Okay", you say, "but where are the loopholes?"  There are a few:

• Your income exceeds the phase-out range.  This means joint filers with Modified Adjusted Gross (MAGI) of $170,000 and above and other taxpayers with MAGI of $95,000 and above.
• You buy your home from a close relative.  This includes your spouse, parent, grandparent, child or grandchild.
• You stop using your home as your main home.
• You sell your home before the end of three years.
• You are a nonresident alien.

WHEN CAN YOU CLAIM THE CREDIT??

• It can be claimed on your 2008 Tax Return (gosh - I hope you have already done it), an amended 2008 Tax Return, or your 2009 Tax Return.

For more information go to http://kar.com/site/media-center/first-time-homebuyer-tax-credit.html.  Better yet call an agent at Grey's!

Contact Grey's Properties today! 270-759-2001 contact@greysproperties.com