A Government Program That Works For You
The 2009 tax credit program is for first time home buyers or anyone who has not owned a home in the last 3 years. I have a customer who owned a home 7 years ago, but has rented since. He qualifies for the full $8000. As long as the buyer lives in the home for at least 3 years, the money does not have to be paid back.
A tax credit is applied directly to taxes owed, as opposed to a deduction, which reduces the amount you are taxed on. In other words, if you normally get a $2000 refund, it now will be $10,000. The buyer must purchase before December 1st, 2009 to qualify, but it can be filed on their 2008 or 2009 return. If 2008 has already been filed, the buyer can amend their 2008 return and still get their $8000.
We have seen an increase in buyers as a direct result of this program. The tax credit is a benefit for the buyers, but the increased traffic is fantastic for the sellers too. For more information, feel free to contact Marc Elliott at 281-316-6227 or if you have questions about which homes qualify, call Brian Worrell, 281-948-7042.
© 2009 Brian Worrell, Realtor in League City, TX - 281-948-7042. All Rights Reserved.
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