On Tuesday, February 17th, 2009, President Obama signed  the American Recovery and Reinvestment Act authorizing a $8,000 federal tax credit for qualified first-time home buyers who purchase between January 1st , 2009 and December 1st, 2009.   The taxpayer's Modified Adjusted Gross Income (MAGI) cannot exceed $75,000 for single taxpayers and $150,000 for married taxpayers.  There are some partial tax credits available if the MAGI exceeds this limit.

A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means a taxpayer who owes $8,000 in federal income taxes and receives a $8,000 tax credit, would owe nothing to the IRS.

The tax credit is refundable.  Meaning the home buyer's credit can be claimed even if the taxpayer has little or no federal income tax liability to offset the credit.  Typically, this involves the government sending the taxpayer a refund check for a portion or even all of the amount of the refundable tax credit.

A first-time home buyer is classified as a buyer who has not owned a principal residence during the 3-year period prior to purchase.  For married taxpayers, the law tests the home history of both the home buyer and his/her spouses.  If one does not qualify, then the married couple does not qualify.

If the taxpayer lives in the home as their principal residence for a minimum of three years, then they do not have to make a repayment of the $8,000.  If the taxpayer fails to live in th eproperty for the 3-year period, the entire amount of the tax credit is recaptured upcon sale of the property.

CONTACT CHRIS NOW@: (614) 563-4663 (HOME) or (614) 410-0891 or  TOLL FREE at:   1-800-759-1112 ext.1891 or through email @ CAnderson@Premier-Choice.com

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  Chris and Tracy Geier are excited about their new M.I. Home in the Woods of Powell.  Chris Anderson SOLD the Dublin couple's home for full price in just 10 days before they bought this great Powell 2-story with Chris.         The Columbus Housing Market is Affordable, Stable and Available.   Its a  GREAT time to buy!   There are many reasons to be optimistic about the Central Ohio Housing Market.  Visit www.ColumbusHousingFacts.com. CONTACT CHRIS NOW@: (614) 563-4663 (HOME) or (614) 410-0891 or CAnderson@Premier-Choice.com

Ohio CRS President Chris Anderson (center) flanked by 4 Regional Vice Presidents of the National Council of Residential Specialists at his inaugural at the Ohio Association of Realtors 2008 Winter Conference.  (Left to Right) Ron Canning of Cincinnati, Ohio; Carol Murphy of Avon Lake, Ohio; Faye Brock of Wilmington, North Carolina and Michael Litchin of Fort Wayne, Indiana.  (Below)  Chris with RE/MAX International Founder and Chairman Dave Liniger and RE/MAX International CEO Margaret Kelly.

Chris Anderson with 2007 National CRS President Kay West and Patrick Bissett  of the South Carolina CRS Chapter.  Picture taken at the National Association of Realtors Annual Convention in November, 2007 at the Venetian in Las Vegas.