Shoreline Properties - It's Not Too Late! - Take Advantage of the $8,000 Tax Credit!
It's Not Too Late!
Take Advantage Of The $8,000 Tax Credit!
While many of you are not first time home buyers, many of you know someone who is - your children, siblings, or co-workers, or friends - and your referrals are always appreciated. This is a great time to find a real bargain on a property, and coupled with the tax credit, first time homebuyer's have never had such a great opportunity! For more information please read the article below, or call me at:
Karen Keating - Designated Broker - Shoreline Properties
281-942-9301 - karenkeating@shoreline-properties.com
First Time Homebuyers Tax Credit
As part of its plan to stimulate the housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers. Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American Dream.
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009. To qualify as a "first-time home buyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single family homes, condos, townhomes, and co-ops.
How much will the credit be?
The maximum allowable credit for home buyers is $8,000. Each home buyer's tax credit is determined by two factors: The price of the home - the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer's income - single buyers with incomes up to $75,000 and married couples with incomes up to $150,000 - may receive the maximum tax credit.
If the buyer's income exceeds these limits can he/she still get a credit?
Yes, some buyers may still be eligible for the credit. This credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly.
Will the tax credit have to be repaid?
No. The buyer does not need to repay the tax credit, if she/he occupies the home for three years or more. However, if the property is sold during the three year period, the credit will be recouped on the sale.
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