I think that it is wonderful that 1st time home buyers can receive a $7500 Tax Credit but I want one too. I want to be rewarded for owning a home (homes) for over 30 years and taking the time to maintain them and upholding the American Dream of home ownership. No one gave me a tax credit when I bought my first home and I have never missed a house payment or been late in making my mortgage payment.
I have changed the siding, put on a new roof, re-landscaped when it looks straggly, put in new furnaces and air conditioners, trimmed the hedge, pruned the trees and updated when it needs it - now I want someone to reward me for all my hard work! Don't you think we deserve it? Instead of sending me a tax credit, I get a higher tax bill because I improved the property and as a result property values went up. Does this seem fair?
Well, is it?
It feels so good to vent and I am happy for 1st time home buyers because I've sold lots of them houses this year and the Tax Credit is a great way to provide them with information and make contact with them.
So here are the highlights of the Tax Credit:
1. The credit amount is a maximum of $7500 and is available to first time home buyers only for homes purchased on or after April 9, 2008 and before July 1, 2009. (So there is plenty of time to get those buyers out there to qualify). Buyer's cannot have owned a principle residence for the past 3 years before buying. If one spouse owned a primary residence - then the couple doesn't qualify.
2. Income requirements are $75,000 for single tax payers and $150,000 for couples using the property as their primary residence.
3. The credit is really an interest free loan and needs to be repaid over a 15-year period starting in the second year after the purchase and continuing for up to 15 years.
4. To claim the credit, you can request it on your tax return for 2008 or 2009. If you sell the house before the 15 year repayment period and haven't received a gain on the property, you don't have to pay the remainder of the credit.
For additional information go to: www.federalhousingtaxcredit.com
Does anyone think that I am going to get a tax credit anytime soon?
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