Lots of potential homebuyers are currently eligible for an $8,000 tax credit if they buy a new or resale home before December 1st of 2009.
So why the big deal over a credit; we've always had tax deductions haven't we?
Yes but there is a major difference between a credit and a deduction.
A tax deduction reduces your amount of income subject to tax based on the tax bracket you're in.
A tax credit is a dollar for dollar reduction in your tax liability.
In Tennessee now the Tennessee Housing Development Authority (THDA) has a program in place where a homebuyer can borrow up to 3 1/2% of the purchase price of a home and repay it at 0% from the anticipated tax credit refund.
So if you've been sitting on the fence waiting for the right time to buy; it's here. Conditions for buyers are better than I've seen them in my 30+ years of practicing real estate.
- $8,000 Tax Credit for a huge number of potential buyers
- A tremendous selection of homes in all price ranges.
- Values are now above prices in some homes because of the huge supply of homes for sale.
- Mortgage interest and your property taxes are deductible from your federal income taxes.
- Interest rates are at the lowest point in over 50 years.
- No capital gains taxes on the first $500,000 of PROFIT when you sell your primary residence
Give me a call at (865) 693-3232 or email today and let's see if you qualify for that $8,000 tax credit; Most of my buyers this year have qualified and some have already filed amended tax returns and collected thousands of free dollars from the government. You can too.