$8,000 First Time Homebuyer Tax Credit

By
Mortgage and Lending with National Credit Fixers - Matt Listro

First-time buyers can claim a credit worth $8,000 - or 10% of the home's value, whichever is less - on their 2008 or 2009 taxes.

Yes if you have already purchase your home you can take the credit on your 2008 tax return.  Or if you have already filed your 2008 return and can file an amended return and take the credit now!.

 The $8,000 credit is cold hard CASH IN YOUR POCKET !!!!

 Look at the following 3 examples:

 

Example 1: Your final tax liability is normally $6,000. You've had taxes withheld from every paycheck and at the end of the year you've paid Uncle Sam $6,000. Since you've already paid him all you owe, you get the entire $8,000 tax credit as a refund check.

Example 2: Your final tax liability is $6,000, but you've overpaid by $1,000 through your payroll witholding. Normally you would get a $1,000 refund check. In this scenario, you get $9,000, the $8,000 credit plus the $1,000 you overpaid.

Example 3: Your final tax liability is $6,000, but you've underpaid through your payroll witholding by $1,000. Normally, you would have to write the IRS a $1,000 check. This time, the first $1,000 of the tax credit pays your bill, and you get the remaining $7,000 as a refund.

To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.  Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)

Matt Listro

 NCF 5 inch

Toll Free:        888-NCFIXER (623-4937)

Toll Free Fax: 888-FAX-4020 (329-4020)

Local:              860-282-6181

330 Roberts Street 4th Floor

East Hartford, CT 06108

www.nationalcreditfixers.com

 

Posted by

Matt

Toll Free: 888-NCFIXER (623-4937)
Toll Free Fax: 888-FAX-4020 (329-4020)
Local: 860-282-6181
281 Hartford Turnpike Ste 500

Vernon CT 06066

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Rainmaker
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Tere Rottink
CoastalVa Realty Inc - Virginia Beach, VA

I have re-blogged this post.  Love it.  Thanks, Tere

Mar 09, 2009 01:23 PM #1
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