Another hand-out I created for buyers. Let me know of any suggestions or needed fixes. Feel free to use this or repost it, just be sure to include my email and website with it please.
First-time Homebuyer Credit FAQ
•1. Is this an actual payment or just a tax write-off?
This credit is an actual payment that you can receive with your next tax return. It is not a tax write-off or deduction.
•2. Do I have to repay this home credit?
No. Unlike the previous year's $7500 credit, a pay back is not required unless the buyer moves from the home before occupying it for 3 years.
•3. Do I have to wait until next year to receive this money on my tax return?
No. You could receive this credit this year. To do this you will have to amend your current tax claim. Theoretically, you could receive this money to help you with the purchase or with any updates.
•4. Is this only available to buyers who have never purchased a home?
No. Any buyer who has not owned a home in the last year is qualified to receive this credit.
•5. Will I get the $8000 credit on any home I purchase?
No. The maximum credit is $8000 and you can receive this on any home over the purchase price of $80,000. Any home purchased for less than $80k qualifies for a credit of 10% of the purchase price.
Have any more questions about the $8000 Homebuyer Credit or about the purchase of your next home? Drop me a line at: dustinnulf@prudentialpreferred.com or visit www.dustinnulf.com
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