Can you get an $8,000 1st time home buyer tax credit in Arizona?
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First-time home buyers in Arizona are now eligible for up to $8,000 in tax credits equal to 10% of their home’s purchase price, up to a maximum of $8,000.
The latest stimulus package signed by President Obama makes these credits available to first time home buyers on homes purchased between January 1, 2009 and December 31, 2009.
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The IRS defines first-time home buyers as anyone who has not owned a principle residence during the last three years prior to the purchase. This includes single family detached homes, townhouses, condominiums and manufactured homes.
Single tax payers with income (AGI) up to $75,000 and married couples with income (AGI) up to $150,000 qualify for the full tax credit.
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The tax credit may not have to be repaid! Home buyers MUST use the residence as their principle residence for at least three years or the credit will be recaptured.
For more information, please visit http://federalhousingtaxcredit.com/2009
As always it is strongly recommended that if you have any additional questions you consult CPA or tax advisor.
I look forward to hearing from you about Yuma, AZ $8,000 1st time home buyer tax credits.
Derek Egeberg, CMPS
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*This is not an offer to lend. 
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