Attention Ocala first time home buyers. The federal government wants to help you to buy a house with a first time buyers tax credit. Home prices in Ocala had dropped dramatically from the high prices of 2006-07. Interest rates are at historical lows. Foreclosures in Ocala are down right cheap! If all this wasn't enough now you can get a tax credit too.

Here's the important stuff.

  • First time buyers only but this means that you haven't owned a house in the last 3 years
  • It's a tax credit and not a deduction. That means the entire amount goes back to the first-time buyer unlike deductions, such as mortgage interest, that are subtracted from your gross income. So if you qualify for $8,000, you get $8,000, even if they would not owe that much in taxes. Yes, this means if you don't owe $8,000- in taxes the IRS will send you a check.
  • Income limit: A married couples' modified adjusted gross income should be under $150,000 and single filers' should be less than $75,000.
  • The tax credit applies to homes purchased between Jan. 1, 2009, and Dec. 31, 2009.
  • The tax credit can be claimed on 2008 income tax forms even though the purchase took place in 2009. Theoretically a buyer could close on a home the same day that the president signs the bill into law, fill out their income tax forms the next day, and receive their tax credit.  

These are just a few of the major points effecting Ocala first time  buyers tax credit. More info below.


Many first time buyers in Ocala are looking at forecloues.

Ocala Foreclosure Guide

 

0 Comments on First Time Buyers Tax credit
What does the graphic say?
Leave a response…

(optional)
Spam Prevention:
 
Joe_and_oliver_3_medium_custom_

Joe Dallorso ~ Ocala Real Estate

Ocala, FL

More about me…

Coral Shores Realty

Address: 4901 E. Silver Springs Blvd unit 302, Ocala, FL, 34470

Office Phone: (352) 629-6207

Cell Phone: (352) 598-4340

Email Me

Ocala Florida Real Estate as seen by Joe Dallorso. Home Listings, advise for buyers and sellers, market conditions and general commentary on Ocala Florida Real Estate.


OcalaRealEstateTalk





Links

Archives

RSS 2.0 Feed for this blog

Find FL real estate agents and Ocala real estate on ActiveRain.