- December 1, 2009 - For first-time homebuyers to take advantage of the $8,000 tax credit which the federal government has included as part of the 2009 stimulus program.
HERE'S THE BRIEF EXPLAINATION AND IT COULD BENEFIT YOU WHEN YOU BUY A HOME BUT THE DEADLINE IS DECEMBER 1!
This credit is for UP TO $8,000. It pays 10% of the cost of the home UP TO $8,000.
To qualify, you must be a first time homebuyer OR have not purchased a home in the last 3 years. AND there is an income limit of $75,00 for singles and $150,000 for married couples.
This is part of the government stimulus program and has a deadline of December 1, 2009. The purpose is to stimulate the economy now.
THIS DOES NOT HAVE TO BE REPAID.
It is recovered when you file your income tax. IT IS A TAX CREDIT.
File on IRS form 5405 line 69. It is a dollar for dollar credit on what you owe in taxes.
How can it be used for the downpayment? If you know you will qualify and have plans to purchase you may adjust your withholding so that less taxes are withheld from your paycheck and save that money for your downpayment.
For a more lengthy explanation follow the link below.
http://www.federalhousingtaxcredit.com/2009/index.html
Robin Scott, BROKER. Certified Residential Specialist, Accredited Buyer's Representative, Seller's Representative Specialist. Amelia Bullock Realtors. 512.589.7988.
Comments (0)Subscribe to CommentsComment