General
$8,000 Tax Credit
$8000 Tax Credit for First Time Homebuyers.
First, do you know the definition of a first time homebuyer?
If you have not owned a property for 3 years, you qualify as a "first time homebuyer" for this benefit.
Have you been renting for more than 2 and a half years? Buy before December 1, 2009 and you can take advantage of this $8000 gift from the government. Did I say gift?
Yes, that is what a tax credit is. If you buy a house and fit the criteria, when you do your taxes next year, if you owe any federal income tax, you won't have to pay it up to $8000.
Are you now asking, "What if I don't owe that much tax?" Then the IRS will send you a check for the difference!
$8,000 Home Buyer Tax Credit at a Glance
• The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid. (you must own and live in the home for at least three years)
• The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
Check out this website for more information and talk to your tax preparer.
www.FederalHousingTaxCredit.com
Article by:
Monica Neubauer - Franklin, TN REALTOR/Trainer (Keller Williams Realty)
This blog was reposted at: http://activerain.com/blogs/christimcd
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