The IRS announced today that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before December 1st can take the tax credit either on their 2008 tax returns this year or on their 2009 tax returns next year. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000 ($4,000 for married individuals filing separately), and the amount of credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

This new law does not affect people who purchased a home after April 8, 2008, and on or before Dec. 31, 2008. For these taxpayers who are claiming the credit on their 2008 tax returns, the maximum credit remains 10 percent of the purchase price, up to $7,500, ($3,750 for married individuals filing separately). In addition, the credit for these 2008 purchases must be repaid in 15 equal installments over 15 years, beginning with the 2010 tax year.

You should definitely share this information with all your investor clients, especially if they bought a home or are considering buying a home this year. To learn more about how to market to investors, try the real estate marketing tools from TReXGlobal.com.