The 1st time homebuyer market in Crofton, MD is heating up as buyers look to take advantage of the $8,000 tax credit available when they purchase a home after 12/31/08 and before 12/1/09.
According to the Internal Revenue Service, 1st time homebuyers who qualify have the option of taking this credit for this year's filing, or filing in 2009. You can read the IRS recently announced statement here.
Unlike the plan from last year, this $8,000 credit does not have to be paid back, as long as you live in the house as your primary residence for three years.
Compared to other, more complex plans, this one seems pretty simple but it does have a few restrictions. You should consult a qualified tax specialist if you have any questions.
From the IRS website, "The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers."
This statement from the IRS pretty much says it all, "This year, qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately."
IRS Form 5405 has been revised to allow for the credit this year, or next.
There hasn't been a better time in the last several years for 1st time homebuyers in the Crofton, MD real estate area. Low interest rates, larger inventory and now, an $8,000 credit.
If you have any questions or would like to take advantage of the 1st time homebuyer credit, call me at your convenience and I can help.
Richard Iarossi, REALTOR®
Long and Foster® Real Estate, Inc.
Crofton, MD 21114
410-451-6255 Office
443-995-9595 Cell
Web: http://www.RichSellsHomes.com
eMail: Rich@RichSellsHomes.com
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