Thinking about buying your first home??? NOW is the time to take the leap...and the credit.
Thanks to the Housing & Economic Recovery Act of 2008, qualified first-time home buyers are finally getting the credit they deserve: up to $7500 for homes purchased between April 9, 2008, and July 1, 2009.
This limited-time offer--designed to help get the economy moving in the right direction--is an ideal way to get you and your family moving in the right direction, as well.
Below are answers to some of the most commonly asked questions about the FIRST--TIME Homebuyer Tax Credit:
WHO IS ELIGIBLE FOR THE $7500 TAX CREDIT??? Any US citizen who pays taxes and has not owned a home as his or her principa; residence during the past 3 years is eligible for the tax credit. Married taxpayers qualify only if neither spouse has owned a principal residence in the past 3 years.
ARE THERE INCOME LIMITS ON CLAIMING THE CREDIT? If you file single or head of household and your adjusted gross income is less than $75,000, or if you are married and file jointly and your adjusted income is less than $150,000, you can claim the entire $7,500 tax credit. Single or head of household taxpayers who earn between $75,000 and $95,000 and married couples who earn between $150,000 and $170,000 are eligible for a partial credit. The credit is not available for single taxpayers whose adjusted gross income is more than $95,000 or for married couples whose adjusted gross income exceeds $170,000
WHAT TYPES OF HOMES QUALIFY? All new and existing single-family homes, townhomes, and condominiums qualify for the tax credit, as long as the home will serve as your primary residence and you have not owned a home in the past 3 years. A home constructed by a contractor on a lot you previously owned also qualifies, as long as you take occuppancy of the house between April 9,2008 and July1,2009
IS IT TRUE THE TAX CREDIT MUST BE REPAYED??? Yes. The tax credit is basically an interest free loan to be paid back to the government over 15 years, beginning the 2nd year after you purchase the home. If you sell the home, the remaining creit amount would be due from the profit on the home sale; of there is insufficient profit, then the remaining credit payback would be forgiven.
WHEN DO I CLAIM THE TAX CREDIT??? If you purchase the home in 2008, the tax credit is taken on your 2008 return. If you buy in 2009, you have the option of taking the credit on either your 2008 or your 2009 tax return.
Feel free to contact me a firstname.lastname@example.org or send me a message if you have additional questions or need clarification on anything else concerning this terrific, limited-time opportunity. I would be happy to sit down with you to discuss your eligibilty and your options for making a move that not only will help you build wealth, but also will give you a place to call "HOME"!!!
This provides general information only. Please contact your CPA, tax advisor, or the IRS for specific terms and conditions of this program.
To see all listings in the GREATER NORTHWEST please visit my website at www.mccolly.com/mfoley
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