Are you curious to know if you qualify for the first time home buyer tax credit?

By
Real Estate Agent with RE/MAX Associates Realty
Here are the basics in plain English!* From January 1 to December 1, 2009 any first time homebuyer who qualifies can receive up to $8,000 back as a tax credit! If you have not owned a home in the past 3 years, and your adjusted gross income is no more than $75,000 individually, or $150,000 if you file your taxes jointly, chances are you qualify. I don’t know about you but when I hear the words up to $8000 credit it makes me think the average person wouldn’t qualify for the full credit amount…..that assumption is WRONG. The credit really is for 10% of the purchase price of the home up to $8,000. So any home purchased for $80,000 or more would receive the full $8,000 credit, and for any home under $80,000 just multiply by 10%. Example: $70,000 home (70,000 x .10= $7,000). It’s that simple. The difference between this tax credit and the credit of 2008 is that if you live in the home for three years or more you do not have to pay back the money! All single family homes, including condos, co-ops and townhouses that will be used as your principle residence qualify. If you make more than the income listed above some credit may still be available up to you. The income caps for any credit are $95,000(individual) and $170,000 (filing jointly). Don’t miss out on this terrific opportunity to purchase your first home while interest rates are so low and the tax credit is still available. *All information is deemed to be accurate but not guaranteed.

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