On the fence about buying your first home? Well think about this new incentive from the Federal Goverment.
First-time buyers in Philadelphia and across the country can now take advantage of a the new $8000 tax credit. If you are a first time home buyer (including those who have not owned a home for 3 years) and purchase your home between January 1, 2009 and November 30, 2009, then you may qualify for a tax c
redit of up to $8,000.
You claim the credit when you file your taxes for 2009.
If you are someone who typically gets $1500 back from the government when you file your taxes, you could now be getting another $8,000. That would be $9,500 back to you on your tax return!
This is in addition to the other tax benefits that come with purchasing and owning a home! I will post another blog about benefits of home ownership including the tax related ones.
Here is some more info on the tax credit.
|
Dates Applicable |
For purchases on or after January 1, 2009 and before December 1, 2009 |
|
Amount of Credit |
$8,000 (or 10% of purchase amount for homes under $80,000) |
|
Eligible Property |
All principal residences eligible |
|
Income Limit |
Full amount of credit available for individuals with adjusted gross income up to $75,000 ($150,000 on a joint return.) Phases out above those income levels but partial credit may be available. |
|
First-time Homebuyer Only |
Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase |
|
Repayment |
No repayment |
|
Recapture |
If the home is sold within three years of purchase, the entire amount credited is recaptured on sale |
|
Termination |
December 1, 2009 |
Please contact George Maynes and The Maynes Team if you have any questions about this tax credit or if you would like any assistance with buying a home in the Philadelphia Area.
Visit www.TheMaynesTeam.com for more info on our services and the home buying process.
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