Obama Tax Rebate For First Time Home Owners - How to Claim Your Tax Rebate?

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The 2009 Stimulus box announced by President Barack Obama' Federal Government has brought extra tax rebate and grants for the first time home buyers. The key is the right knowledge regarding rebate on tax and acting at the right time.

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Here are some tips that would help you claim your tax rebate:

· You have to fill in the form for online on the Fha (Federal Housing Administration) & Hud (Us Federal Housing & Urban amelioration Department) website to claim tax rebate

· The ones who have bought the home between January 1, 2009 & December 1, 2009, you can apply for tax prestige up to $ 8000.

· In case you have purchased the home between April 1, 2009 & January 1, 2009, you are eligible for the tax rebate up to $ 7500.

· Unlike the year 2008, this year the tax credits do not have to be repaid to the authorities.

· If you are single, to get the tax rebate your earnings must be below or equal to $ 75,000 per annum.

· In case of a merge the per annum earnings must not be more than $ 150,000.

· The house you are inspecting must be in Us.

· Here we are not in effect talking about the first time buyers. in effect the Us Federal Government law defines the 'first time' clause as follows: 'One or both the persons (in case of a couple) must not have a principle home rights in their name since three years or more.'

· The house you are buying must be for residential use and not for market purpose

· In case you have got the house in legacy or as a gift, you are not eligible for this benefit.

· If you are purchasing the home from person within the house or acquaintances you cannot get this tax rebate benefit.

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