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.
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