8 Things You Need to Know About the $8,000 First Time Home Buyer Tax Credit
Kingwood TX, Atascocita TX, Humble TX, Houston TX, Summerwood, Eagle Springs, Fall Creek
-
Who is elgible for the tax credit? The tax credit is only for first time home buyers. A first time home buyer is defined as someone who has not owned a home in the last 36 months.
-
When must he house be purchased? The home must be purchased between January 1, 2009 and December 1, 2009.
-
How much tax credit will homebuyers get? The total amount of the credit is a maximum of $8,000 or 10% of the purchase price. Example, $80,000 purchase price = $8,000 tax credit.
-
Are there income limits? Yes, a single buyer would need an adjusted gross income of $75,000 or less to be eligible for the full credit. For married couples the limit is $150,000.
-
Is this a tax credit or a tax deduction? This is a tax credit NOT a tax deduction. This means qualified buyers deduct $8,000 from their total tax owed to the IRS. If you owe the IRS less than $8,000 you get the money back in cash.
-
Does any portion of the $8,000 tax credit have to be paid back? No, this is a true credit. However, if the home is sold within 3 years entire amount of credit is recaptured on sale.
-
What property types are eligible? Any single-family residence including condos, co-ops, and town homes that will be used as a primary residence.
-
Can I claim my 2009 house purchase on my 2008 tax return? Yes, if you have not filed your tax return for 2008 and purchased a home on January 1 or later, you can claim the $8,000 tax credit on 2008 taxes.
Information provided by Genesis Mortgage Company of Kingwood. For first time home buyers looking to see what types of financing is available for home purchases, contact Michael Proctor at 281-812-8282. Let them know Jeremy Williams of Keller Williams Realty Northeast sent you.
Jeremy Williams of Keller Williams Realty NE specializes in residential real estate in the northeast Houston area including Kingwood TX, Atascocita TX, Humble TX, Fall Creek, Summerwood, and Eagle Springs. Whether buying or selling a home, see why clients have chosen to trust Jeremy with their real estate needs. To learn more about the real estate services Jeremy Williams of Keller Williams offers his clients and customers, visit http://www.williams4yourhome.com/ or read more at Jeremy's Active Rain blog. Utilize the searches below to see what is happening in your neigborhood, or search for your next dream home.
Map Search
Search and request information for listings found utilizing a mapping tool.
Listing Search
Specify criteria to assist in narrowing down your search for a home and setup an appointment to view. Click here to search Kingwood TX Homes for Sale by Village.
School Finder
Learn more about the schools in the area.
↑ Grab this Headline Animator
Top Blog Posts
Houston TX Summerwood Homes for Sale | 13907 Cloudcap CT | 4 Bedrooms, 3/1 Baths, Game Room, Media Room, Study, 3 Car Garage, Porte Cochere - Just Reduced to $389,900
Are you looking to get out of Kingwood TX for the weekend? | Find Restoration at Rock Harbor Hill Country Lodge
Important Information for Kingwood TX Residents Filing Tax Protests | Jeremy Williams of Keller Williams Realty NE
Kingwood TX Map of Village Locations - Jeremy Williams of Keller Williams Realty NE
Keller Williams Realty Shifts to the 3rd Largest Real Estate Company in the Nation
Oakhurst at Kingwood Important Community Information | Your Kingwood TX Realtor - Jeremy Williams of Keller Williams Realty NE
Ten Steps Jeremy Williams of Keller Williams Realty NE Uses to Sell Your Home | Kingwood TX Atascocita TX Humble TX Real Estate
Setting a Higher Standard,
;)
;)
Thanks for sharing this information about the $8,000 HBTC. I know a lot of people may get confused about it so I appreciate that you and several other sites have been clearing things up.
-Imee