Today there was an interesting insert in the Tennessean, the Greater Nashville Daily newspaper. On the front side of the full page ad was information on the $8000 First Time Buyer Tax Credit Program and some of the qualifications that must be meet. On the reverse side the headline reads Qualified Tax Credit Agents, implying some set of special qualifications were needed like those of the buyer. No where on this insert were the word "Paid Advertisment." Well folks all agents are can assist First Time home buyers. There is no special qualification or certification.
The ad is a bit misleading. When I contacted the paper I was told, yes it was a mistake not to have teh "Paid Advertising" on the piece.
Well here's what you need to know. Ask your agent to take the following First Time Buyer Program Quiz. The quiz is right from the National Association of Realtors On-line Magazine. See how they do.
The Diane O and Friends team scored a 12 for 12. When looking for an agent that can help a first time buyer look for one that knows the program, not just someone who can place an ad.
1. To qualify for the 2009 First-Time Home Buyer Tax Credit, a home must be purchased in what time
period?
- a. Jan. 15, 2009-Dec. 23, 2009
- b. Jan. 1, 2009-Dec. 1, 2009
- c. Jan. 1, 2009-Dec. 31, 2009
- d. April 15, 2009-Dec. 31, 2009
2. In order to qualify for the full $8,000 tax credit, the house must be at least what price?
- a. $80,000
- b. $50,000
- c. $250,000
- d. $150,000
3. A first-time home buyer is defined as a buyer who hasn't owned a principal residence for how long?
- a. Never owned a home
- b. 3 years prior to the purchase
- c. 10 years prior to the purchase
- d. 50 years prior to the purchase
4. What is the income limit for claiming the full tax credit for married taxpayers filing a joint return?
- a. $50,000
- b. $200,000
- c. $100,000
- d. $150,000
5. What is the income limit for claiming the full tax credit for a single taxpayer?
- a. $75,000
- b. $50,000
- c. $100,000
- d. $125,000
6. How is a home buyer's income determined for tax credit eligibility?
- a. Wages and/or salaries only
- b. Wages, salaries and interest
- c. Wages, salaries, interest and dividends
- d. Adjusted Gross Income (AGI)
7. What is the most significant difference between this tax credit and the one Congress approved in
July 2008?
- a. The repayment feature is eliminated
- b. The credit is $5,000 higher than in 2008
- c. All buyers are eligible
- d. There was no tax credit in 2008 for home buyers
8. What types of homes do not qualify for the tax credit?
- a. Mobile homes
- b. Townhouses
- c. Houseboats
- d. They all qualify
9. To claim the tax credit, you will need to:
- a. Get pre-approved
- b. Claim it on your federal income tax return
- c. Talk to your mortgage broker
- d. Hire a lawyer
10. Which of the following statements about the tax credit is TRUE?
- a. The credit can be used as part of a buyer's down payment
- b. Vacation homes and rental properties are not eligible.
- c. Properties outside of the U.S. also are eligible.
- d. Homes purchased in 2008 can still take advantage of this as well.
11. What if buyers are eligible for an $8,000 credit, but their entire income tax liability for the year is
only $5,000?
- a. They lose the $3,000 extra benefit.
- b. They can claim it in 2010.
- c. They'll get a refund for $3,000.
- d. They can't claim it at all then
12. How long do owners have to stay in their homes without having to repay the tax credit?
- a. 3 years.
- b. 10 years.
- c. 5 years.
- d. 1 year
Answers
b,a,b,d,a,d,a,d,b,b,c,a
Comments(0)