The $8,000 tax credit is running out! It's a great time to purchase the home of your dreams! Interest rates are low and first-time homebuyers are in luck. Congress passed an act which includes a tax credit for first-time homebuyers of up to $8,000.
In fact, you may be classified as a first-time homebuyer and not even know it. If you haven't previously owned a home, you fall into the category of first-time homebuyer. But did you know that if you haven't owned a principal residence in the past three years, you also constitute a first-time homebuyer? It's true. If you fit either of these categories, the government has created a tax credit that you can take advantage of if you choose to purchase between January 1st and December 1st, 2009. With the deadline quickly approaching, it's important to act fast. In most cases, in order to close on the home by December 1st, you must have an accepted offer on a home by November 1st - which is less than 3 months away as of today.
The government is offering lesser of 10 percent of the cost of a home or $8,000 to qualifying first-time homebuyers in the form of a refundable tax credit. That means, if you owe $5,000 in taxes, you will receive a check for $3,000. If you don't owe any taxes, you may qualify to receive the full $8,000 credit. If you're lucky enough to have the government owe you money in taxes-let's say $1,000-then you could potentially receive a credit of up to $9,000.
The best part about this credit is that there's no repayment as long as you don't sell the home within three years of purchase. If you choose to do so, the entire amount of credit is due back to the government at the time of sale. But this only applies to homes purchased in 2009.
If you fit these qualifications, then congratulations! You're on your way to a great real estate deal.
About the Author...
This Tax Credit article was provided by Christina Asad Edwards, a Nationally recognized Realtor and Residential Relocation Specialist. Christina can be reached via email at Christina.Asad@RealLiving.com or by cell phone or text message at 937-205-4741. Christina has helped thousands of people move in and out of the Dayton Ohio area and other Southwest Ohio towns. For Ohio real estate and homes see Dayton Ohio Real Estate.
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Servicing the following towns and counties in Southwest OH: Beavercreek, Bellbrook, Centerville, Dayton, Greene, Fairborn, Kettering, Miamisburg, Montgomery, Oakwood, Springboro, Warren, and West Carrollton OH.
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