There is a very important deadline fast approaching that every new home buyer needs to be aware of! The last day to buy AND CLOSE on a house in 2009 to receive the $8,000 tax credit is November 30th. The 1st Time Home Buyer Tax Credit was introduced as part of the American Recovery and Reinvestment Act of 2009 (otherwise known as the “2009 economic stimulus plan” or “government stimulus package”).

If you wish to take advantage of this tax incentive you must take action in 2009, time is running out! The last day you can buy a house and still qualify for this tax credit is November 30, 2009.

Under the Obama administration’s stimulus plan, buyers who haven’t purchased a home in the past three years may be eligible for a tax credit of 10 percent of the purchase price of a home up to $8,000. But buyers must close on the house before November 30th 2009 to qualify.

If you have already purchased, and filed a 2008 Form 1040 in early 2009 you do not have to wait until next year to claim the $8,000 first time home buyer tax credit.  Your original 2008 tax return can be amended immediately. You are also welcomed to wait to file with next year’s taxes.

If you or anyone you know wants to take advantage of the tax credit, there is still time. Please call or email me to discuss the possibilities.