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CROFTON 1ST TIME HOME BUYERS ELIGIBLE FOR $8,000 TAX CREDIT

By
Real Estate Agent with Coldwell Banker Residential Brokerage 531132

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.

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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


Annapolis MD Real Estate Specialist
Bowie MD Real Estate Specialist
Crofton MD Real Estate Specialist

©2009 - RichSellsHomes, All Rights Reserved

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 Richard Iarossi is a full time licensed REALTOR®, working in Crofton, MD. My coverage areas are: Anne Arundel, Prince George’s, Howard, Calvert, Queen Anne, and Baltimore City and County. I specialize in residential real estate, working with both buyers and sellers. Use the registration free search on my website at www.RichSellsHomes.com. If you’re not already working with a REALTOR®...I can help. Call me at 443-995-9595 (Cell) or 410-451-6255 (Office).

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©2011 - RichSellsHomes.com - All Rights Reserved
 
All information is deemed reliable but should be independently verified. Property information is subject to change without notice.

 

Comments (6)

Toula Rosebrock
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,

ToulaRosebrock.com - Diane Turton, RealtorsHi Rich:

Hopefully this message gets out to all home buyers.

Seems that they are all confused with the varying reports across the country.

Have a wonderful weekend!

Mar 05, 2009 11:30 PM
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Rich...

Great job keeping consumers informed of this FANTASTIC opportunity!

Mar 05, 2009 11:36 PM
Audrey June-Forshey
RE/MAX Realty Services - Darnestown, MD
GRI, Gaithersburg, MD

Rich,  I am going to bookmark you.  This is the best, most clear info I have found about the credit.  Our market over here has definitely picked up as well.  I have found myself competing with other offers, several, on more than one occassion.

 

Mar 06, 2009 05:22 AM
Dr. Stacey-Ann Baugh
Century 21 New Millennium - Upper Marlboro, MD
A doctor who makes house calls.

Thanks for explaining that clearly.  I didn't realize it was 10% of the purchase price up to $8000.  That makes a huge difference.

Mar 06, 2009 10:00 AM
Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
Luxury service in Central Maryland

Stacey-Ann. I don't think the 10% cap will affect any Maryland Homebuyers. If they increased it to $15,000 and 10% most purchases would be eligible too........and lets hope they do that.

Mar 07, 2009 10:41 PM
Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate

Toula, What a great opportunity for Realtors to help inform the public.

Richard, We can't talk about this opportunity with the public enough.

Audrey, Thanks! I'm seeing a number of buyers jumping on the credit.

Stacey-Ann, There are some spots in our area where it would be affected but it shouldn't be a problem getting a first time homebuyer the entire $8K credit.

Ellie, There are some 3 br, 1 ba condos going for below the $80K threshhold in Severn.

Mar 07, 2009 11:24 PM