First Time Hudson Valley Home Buyers
Take Advantage of an $8,000 Tax Credit Now!
If you are looking to buy your first home in the Hudson Valley there may not be a better time to buy!
The first time Home Buyer's Tax Credit authorizes up to an $8,000 tax credit for qualified first time buyers who purchase and close on a home before December 1, 2009. This in addition to mortgage rates at record lows and a large inventory of homes at prices that are lower than they have been in years could get you into your first home!
Who Qualifies? First time purchasers of new or resale homes. You must live in this home it cannot be an investment property.
Who is a first time home buyer? Any buyer who has not owned a principal residence during the 3 year period prior to the purchase of your new home.
What kind of home can I buy? A single family detached home, a condominium, a town home or a manufactured home all qualify.
What is a tax credit? It is a direct savings to you on your Federal Income Taxes. You do not have to pay it back. If you owed $8,000 in taxes and get the credit you would have to pay no tax. If you owed $3,000 in taxes you would get a $5,000 refund.
Are there income limits? Yes, for individuals your modified adjusted income may not be more than $75,000. For couples, it may not be more than $150,000.
How do I claim my tax credit? You claim it on your Federal Income Tax Return using form 5405 to calculate your credit and then enter it on Line 69 of your 1040 form. You should consult your tax advisor or preparer for further information.
For complete information on the tax credit you can go to http://www.whitehouse.gov/the_press_office/arra_public_review/
Remember, this is real money in your pocket, it is not a loan!
If you are ready to start looking for your first home, call me at (845)876-0473 or (845)224-5238 and we can find that new home together!
You can also check out my website at: www.realestaterhinebeckny.com
Disclaimer: The information provided herein is supplied by Diana Corcoran and is subject to change without notice. The "Rhinebeck/Red Hook Real Estate Blog by Diana" does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on this blog represent the opinions and ideas of the author and not Realty Executives Williams-Sykes
Realty.
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Diana - This is cetainly a great time for first time buyers to get that first home.