Great is the word of the day in Hamilton, New Jersey

Great neighborhood. Great home. Great price. It is easy to see what makes this new listing at 265 N. Burtis Avenue, Hamilton, New Jersey a great opportunity for your family.

But did you know that you can make this an even a greater deal with a $7,500 infusion from the government? That's right; first time home buyers are eligible for a $7,500 tax credit for homes purchased and closed between April 9, 2008 and July 1, 2009. If you or your spouse has not owned a principal residence in the three years prior to your purchase, you can consider yourself a first time home buyer for the purpose of this program.

There are no applications or forms to fill out; however, the home buyer must be sure they qualify under the income limits and first-time home buyer tests available at the IRS website: http://www.irs.gov/taxtopics/tc611.html

From there, everything is completed on your tax return to the IRS. You might be wondering how does a tax credit differ from a tax deduction? A tax credit is a dollar for dollar match against the tax owed whereas a tax deduction is subtracted from the amount taxed.

The $7,500 tax credit program was made possible by the Housing and Economic Recovery Act of 2008. The government has made provisions to recapture the credit after the second year of home ownership. The homeowner is simply asked to add $500 to his income tax liability each year for 15 years.

I would love to discuss this great opportunity with you. Call me today at 609-587-9300 ext 403 (office), 609-658-2612 (cell) to learn more. I look forwarding to hearing from you!