Quick Summary of The Tax Credit
First Time Home Buyers can get a tax credit for up to $8,000. But, PLEASE NOTE..the definition of a first time home buyer is anyone who has not owned a home within the last three years! So, even if you have owned a home earlier in life but have not for several years, you could still qualify for this credit.
The Credit is obtained after the closing on the new house: by filing a simple form with the IRS that ammends your 2008 tax return. You should receive the funds within 30-45 days (based on what my clients have experienced thus far). In other words....yes you get a check in the mail for the sum of up to $8,000!
You may be asking: How is the tax credit determined? The credit is 10% of the purchase price of the house, up to $8,000. So basically if you buy a house of $80,000 or more than you will get $8,000 back.
Do you have to pay it back over time like the 2008 homebuyer tax credit? NO! As long as you occupy the property for at least 3 years, the $8000 is yours to keep. The 2008 homebuyer tax credit was up to $7500 and required $500/yr. repayment over 15 years, so it was really a 0% interest loan. This is free money!
If Barack Obama had not owned a house in the past 3 years, could he qualify even though he is unbelievably wealthy? NO! There are some income stipulations! If you make more than $75,000 annually as an individual or $150,000 married filing jointly the credit rapidly diminishes and becomes $0 as your income increases. If all you folks over $150,000 got the credit to, then who would be paying for it for the rest of us!
For complete details or to have a personal property consultation today, please call me at:
Steve Smith at 574-360-2569
For more information, please visit my website:
http://www.goirishproperties.com/
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