$8000 First Time Home Buyer Tax Credit - If you are a first time home buyer (or if you have not owned a home within the past 3 years), NOW is the time to buy!!
After the $15000 tax credit for all home buyers tanked in the stimulus bill, it was then scaled back to $8000 first time home buyer tax credit. Not as much as $15000, but still a nice chunk of change that doesn’t have to be repaid. Even though the tax credit of $8000 is only up$500 from the one passed last summer, that one was more like a small interest loan that had to be repaid. Now is the time to buy! You must close on or before November 30, 2009......tick, tick , tick.
Here is a breakdown of First Time Home Buyer $8000 Tax Credit:
-Available to homes purchased between January now and November 30, 2009
-Maximum tax credit is increased to $8000 or 10% of homes value
-Maximum tax credit is increased to $8000 or 10% of homes value
-All owner occupied principal residences. This includes single family homes, Condos, Townhouses, Co-ops
-Income limits to single filed return of gross income no more than $75,000 or $150,000 joint return
-Do not need to refund the $8000 first time home buyer tax credit
-The tax credit is available to first time home buyers only and must not have owned a home within the past three years
-There is no recapture meaning that if you own the home for three years or more, then you don’t have to repay the tax credit due on sale. If you do sell the home without living in the home for three years, then there is a recapture of the tax credit paid on sale of the resident. Applied to homes purchased in 2009 only.
-Applying for the credit should be fairly easy, just file your income taxes. If you have already purchased a home this year, then you file amended tax returns to receive the $8000 tax credit. For this just ask “the box” (if you used a computer program) or contact your tax professional to find out the next steps.
-Income limits to single filed return of gross income no more than $75,000 or $150,000 joint return
-Do not need to refund the $8000 first time home buyer tax credit
-The tax credit is available to first time home buyers only and must not have owned a home within the past three years
-There is no recapture meaning that if you own the home for three years or more, then you don’t have to repay the tax credit due on sale. If you do sell the home without living in the home for three years, then there is a recapture of the tax credit paid on sale of the resident. Applied to homes purchased in 2009 only.
-Applying for the credit should be fairly easy, just file your income taxes. If you have already purchased a home this year, then you file amended tax returns to receive the $8000 tax credit. For this just ask “the box” (if you used a computer program) or contact your tax professional to find out the next steps.
For more details or to qualify today, contact me at 210-408-1177 ext. 132 or via email at kristeena@c21sa.com or visit:
