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8: $8,000 Tax Credit For First Time Homebuyers May NOT Benefit All - 07/11/09 05:09 PM
As part of the American Recovery and Reinvestment Act of 2009, Congress authorized a first-time homebuyer tax credit of up to $8,000.  The $8,000 credit replaced the $7,500 tax rebate program that was included in 2008's stimulus program.
According to the IRS, a first-time homebuyer is anyone who has not owned a "home" in the last 3 years where "home" is defined as a home in which a person has lived in and occupied. It can include traditional homes, houseboats, trailers and other residence types. The IRS was smart because they also defines what it means to be a first-time homebuyer with … (0 comments)

8: Tax Credit- How To Keep from Leaving $8,000 at the Closing Table - 06/10/09 09:08 PM
How To Keep from Leaving $8,000 at the Closing Table
•1. Who is eligible to claim the tax credit?
If you are a first-time home buyer purchasing a new home or a resale-you are eligible for the tax credit.  The purchase must take place on or after January 1, 2009 and before December 1, 2009 to qualify for the tax credit. As it applies to the tax credit, the purchase date is the date when the home closes and the title to the property transfers to the home owner.
•2. What is the definition of a first-time home buyer?The tax credit law defines … (0 comments)

 
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Gerard Ladalardo, CIAS

Temecula, CA

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CB International Realty

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