Here is an easy to understand and to-the-point summary of the updated Housing Credit for first-time buyers. As always, I encourage anyone with detailed questions to contact their financial advisor.
Lancaster County has some excellent opportunities for first-time home buyers. Don't miss a great opportunity this year to seek a home and apply for the credit!
~ Jeannie Kontis, your Lancaster PA Real Estate Expert
Congress Approved the $8,000 Tax Credit For Homebuyers. Here are answers to frequently asked questions.
Frequently Asked Questions About the $8,000. Federal Tax Credit Q:
A:
How much is the tax credit?
The tax credit would be $8,000 or 10% of the purchase price, whichever is less.
Q:
A:
Who is eligible?
Similar to the $7,500 tax credit included in the Housing and Economic Recovery Act of 2008, the $8,000 tax credit (included in the 2009 economic stimulus plan) is available for the purchase of the primary residence by first-time homebuyers.
Q:
A:
If this is for first-time homebuyers, how do I know if I am eligible for the tax credit?
According to the IRS, any taxpayer who has not owned a home during the 3 years prior to the date of purchase can qualify for the credit.
Q:
A:
Do I have to repay the $8,000.?
No. Unlike the previous $7,500 tax credit, the $8,000. does not have to be repaid UNLESS, the home is sold within three years of purchase; at that time, the credit will be reversed.
Q:
A:
Are there any income limitations on the tax credit?
Yes. The tax credit is strictly for individuals with adjusted gross income of under $75,000 or $150,000 for joint filers.
About the author:
Debe Maxwell is a Charlotte Residential Real Estate Broker, Certified Neighborhood & Relocation Specialist, ABR & e-PRO who can assist you with the purchase and/or sale of real estate in the Charlotte NC Metro Area. If you're relocating to or from any other area of the country, Debe connects you with any member of her team of relocation professionals in your destination or exit city of choice. The destination service is of no cost to you! The Maxwell House Group's quality service guarantee puts this team far ahead of the competition; providing unsurpassed customer service is their #1 priority! Debe Maxwell -- Helen Adams Realty -- 704.491.3310
Copyright© 2009 By Debe Maxwell, All Rights Reserved...**$8,000 Federal Tax Credit FAQ **
Disclaimer: All information provided by this author is strictly an opinion, is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.
