Congress Approved
the $8,000 Tax Credit For Homebuyers. Here are answers to
frequently asked questions.
Q:
A:
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How much is the tax credit?
The tax credit would be $8,000 or
10% of the purchase price, whichever is less.
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Q:
A:
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Who is eligible?
Similar to the $7,500 tax credit
included in the Housing and Economic Recovery Act of 2008, the $8,000
tax credit (included in the 2009 economic stimulus plan) is available
for the purchase of the primary residence by first-time
homebuyers.
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Q:
A:
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If this is for first-time homebuyers, how
do I know if I am eligible for the tax credit?
According to the IRS, any
taxpayer who has not owned a home during the 3 years prior to the date
of purchase can qualify for the credit.
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Q:
A:
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Do I have to repay the $8,000.?
No. Unlike the previous
$7,500 tax credit, the $8,000. does not have to be repaid UNLESS, the
home is sold within three years of purchase; at that time, the credit
will be
reversed.
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Q:
A:
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Are there any income limitations on the
tax credit?
Yes. The tax credit is
strictly for individuals with adjusted gross income of under
$75,000 or $150,000 for joint filers.
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About
the author:
Debe
Maxwell is a Charlotte
Residential Real Estate
Broker, Certified Neighborhood & Relocation Specialist, ABR
&
e-PRO who can assist you with the purchase and/or sale of real estate
in the Charlotte NC
Metro Area.
If you're relocating to or from any other area of the
country,
Debe connects you with any member of her team of relocation
professionals in your destination or exit city of choice. The
destination service is of no cost to you! The
Maxwell House Group's
quality service guarantee puts this team far ahead of the competition;
providing unsurpassed customer service is their #1 priority!
Debe
Maxwell -- Helen Adams Realty -- 704.491.3310
Copyright©
2009 By Debe Maxwell, All Rights Reserved...**$8,000 Federal Tax Credit FAQ **
Disclaimer: All
information
provided by this author is strictly an opinion, is not guaranteed, may
be based on information collected from several sources, which may or
may not be deemed reliable at the time of researching this article and
may be time sensitive.
;)
;)
;)
great info Debe - nice and simple which is how we all like it