Homebuyers who purchased a home in 2008, 2009 or 2010 may be able to take advantage of the first-time homebuyer credit.

The credit:

• Applies only to homes used as a taxpayer’s principal residence.
• Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.
• Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

Please Click here for IRS Form to be attached to your annual tax return.

Make it a great day!
Mark Spurbeck
Senior VP,
Ticor Title

Below is an exerpt  from Fox Business – For the entire article click here http://bit.ly/5vYUSn

Prospective homeowners — take a deep a breath. You now have well into 2010 to receive a potential $8,000 tax credit.

The credit, included the American Recovery and Reinvestment Act, was initially scheduled to expire Nov. 30, 2009, but will now extend to homebuyers who sign a contract by April 2010. Also new to the act are conditions that expand the credit to previous homeowners and those formerly outside the income requirements.

The expansion of the act was aimed to boost the housing market, and it appears to be working. According the National Association of Realtors, 47 percent of all Americans who bought a home this year had not owned one in the past three years. That number is up from 41 percent of sales in 2008 and 36 percent in 2006.

There are three new provisions in the act, according to an IRS press release:

Make it a Great Day!
Mark Spurbeck
Senior VP
Ticor Title