The Housing and Economic Recovery Act of 2008 was just signed by President Bush with some amazing benefits for first time homebuyers.
Call everyone you know who wants to buy their first home (or who hasnt owned one in three years), this is too good to miss - its a $7,500 tax CREDIT (not deduction but a credit). If you have not owned a home in three years, you are a first time home buyer.
If you buy a home after April 9, 2008 and before July 1, 2009, you qualify for a credit. Call your friends who just bought a home since April 9th and tell them they may take $7,500 off their tax bill if they qualify. It has to be your principal residence, so rentals do not count. The tax credit is 10% of the cost of the home, up to a maximum of $7,500. So, if the home costs $100,000, you would get a credit of $7,500. This is not an additional deduction that lowers the amount of income to be taxed, it is a tax credit. In other words, you take $7,500 off your tax bill. What if your tax bill is only $5,000? The IRS will send you the additional $2,500 as a refund.
When was the last time the IRS sent you a refund because you bought something?
SEARCH over 50,000 homes online for FREE and be the first to know about HOT NEW LISTINGS before other buyers do, please visit http://www.allnylistings.com
SEARCH over 50,000 homes online for FREE and be the first to know about HOT NEW LISTINGS before other buyers do, please visit http://www.allnylistings.com
Comments(0)