That $8,000 tax credit from Uncle Sam... is Slowly Slipping Away !

I'm sure we've all heard about the Eight Thousand Dollar tax credit that Uncle Sam is giving away.  It's really a great thing, and it would be a shame to miss out on it.

Well... that's what I want to tell you about.  That "Gift" is close... very close... to slipping away from all of you first-time buyers.  By the way... a "first time buyer" is considered to be someone who has not owned a home in the last three years.

In order to qualify for this $8,000 "gift"... all you have to do is buy a home... do the paperwork... and have it dated by April 30, 2010.

Then... it must be "closed" by June 30, 2010.  What that means is that your loan must be approved, and all paperwork with the mortgage company completed... and everything completely finished... including the home being "closed"... which means the title to the home you buy must be transferred into your name by June 30, 2010.

So... you ask... what happens then ?  How do I get my money?

Well... the best thing to do, is to contact your tax preparer.  But... the quick version of it is as follows:

You can either re-file your tax return from 2009... along with proof of your closing on your home... and also the form that the IRS requires for this tax incentive.  Or... you can wait... until you end up filing your tax return for the year 2010.  Either one works.

If you get a refund from filing your taxes... that amount that you get back... will be INCREASED by $8,000.  The money... comes straight to you... just like your refund normally would.

Or... if you end up owing more taxes... let's use the example of your ending up owing Uncle Sam $3,000.  Not only would you NOT owe that $3,000... but you would get the difference between that $3,000... and the total of the tax credit... $8,000... or $5,000 back from Uncle Sam.

If you'd like to chat about this... and find out more information... please give me a call at my office... at (440) 567-7211. I'm Carolyn Kolba... and this is my direct number.  There are some really great homes out there... just waiting for us to look at.  Call soon... 'cuz time's a wastin'.