2009 tax credit: Real Estate Terms - First Time Home Buyer
- 07/08/09 01:25 AM
We hear the term first-time home buyer a lot. However, I gets lots of question as to who exactly counts as a first-time home buyer. Federally To qualify for the 2009 first time home buyer $8000 tax credit a person must not have had any ownership interest in a home the three years previous to the DAY of the 2009 sale. This means that if you had owned a home in the past but sold it 5 years ago, you would qualify as a first-time home buyer. If you own rental property you may still qualify if you have not owned a property … (2 comments)
2009 tax credit: 2009 $8000 Tax Credit
- 07/06/09 12:59 PM
I get lots of questions from buyers about how this $8000 tax credit program works: Any home over $80,000 qualifies for the full tax credit. Homes under $80,000 qualify for a credit of 10% of the purchase price (E.G. $65,000 home qualifies for a $6500 tax credit). To qualify for the credit the purchaser must be a first-time home buyer. Any single person who makes less than $75,000/per year ($150,000 for a married couple) qualifies for the full credit. The credit phases out at higher income levels. The tax credit does not need to be repaid provided the buyer does not sell the home within … (0 comments)
We hear the term first-time home buyer a lot. However, I gets lots of question as to who exactly counts as a first-time home buyer.
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