$8,000 Home Buyer Tax Credit!
Written on Apr 21, 2009 by Charles Kim
If you are a first time home buyer, how does the prospects of earning upto $8,000 in free money sound? No strings attached, just have to qualify under the preset guidelines.
For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase. As a married couple, if one of the parties have owned a residence within the three year time frame, you are not eligible for the credit.
The key points to the credit:
- The tax credit does not have to be repaid unlike the 2008 $7,500 credit package. This is money in your wallet.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
If you have been on the fence or thinking of waiting until next year to buy, you maybe leaving free money on the table. No is a GREAT time to seriously consider taking the steps to home ownership with continued low interest rates, a buyers market and the potential to earn $8,000 just for buying a home you were plannning to invest in anyway. Contact your lender to learn more about the program and your real estate professional to walk you through the process of buying your first home.
