Just the other day, I got this nice reminder from my accountant at Finesse Tax Accounting LLC about the $8,000 tax credit. Those of us in real estate assume everyone knows all about it, but many potential homebuyers are unsure of the details.
Are you a first time homebuyer? Are you thinking of buying your first home? Exciting times call for exciting tax credits. 2008 and 2009 have seen the IRS institute two large tax credits for those who decide now is the time to get into their first home
Don't miss out on either of these credits. There are deadlines, income limitations, and some other factors that may impact which credit you can take and how much you will receive. See the list below for more details and please call or email our offices to take advantage of the credit that is right for you.
As you may have heard, there are some ways you can get the credit now to help with your downpayment and closing costs. Please contact me or Finesse for details.
• You can not have owned a qualified personal residence in the last 3 years.
• The $7500 credit applies to homes purchased 4/8/08 thru 12/31/08 and must be repaid ($500/year for 15 years). NO INTEREST
• If you purchased a home in 2008 and you qualify for the DC First Time Homebuyer Credit you must take that instead. Contact our office at (240) 417-7234 for the details.
• The $8000 credit applies to a home purchased 1/1/09 thru 12/1/09 and there is no repayment requirement on this credit.
• Already filed your 2008 returns and bought a house after your 2008 returns were done? Amend those returns to collect the $8000 credit if you went to closing after you filed. We can help get you amend to claim the credit NOW.
• Income limitations do exist and the credit begins to "phase out" if your income falls between $75,000-$95,000 (Single) or $150,000-$170,000 (Married Filing Jointly)
• If you wish you do not have to amend your 2008 returns. You can wait and claim a credit for 2009 home purchases on your 2009 returns.
Though it's not even the Fourth of July, the time clock is winding down on the credit. Now is the time to get serious about buying your first home in the D.C area. I will help you find the ideal Washington condo, loft, or single family home - that's my job and my passion! Check out my Atlantic Coast Connection website today!
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