tax planning questionnaire
First Time Homebuyer Tax Credit
You’ve heard about the $8,000 First Time Home Buyer Tax Credit. But what is it all about? For 2009, the federal government is offering a tax credit to first time home buyers. This is an incentive to promote an increase in home sales. Read on to learn more and find out if you qualify.
You must purchase the home by December 1, 2009 to be eligible. The purchase date is the closing date. Negotiating a price on a home and awaiting approval from your bank can take time. Make sure to begin your home search ahead of time to ensure you will qualify for the deduction.
Are you considered a first time home buyer? If you have not owned a principle residence in the three past years, the federal government considers you a ‘first time home buyer’. If married, both you and your partner must not have owned a primary residence in the past three years.
You can claim 10% of the purchase price, up to $8,000. Therefore, any home purchased for less than $80,000 will receive a reduced tax credit. In addition, to qualify, your adjusted gross income cannot exceed $75,000 ($150,000 for joint filers).
It does not have to be paid back. Assuming you meet all requirements and qualify for the deduction, the money is yours. It is truly an $8,000 gift to you from the federal government. Take advantage!
It must remain as your primary home for at least 36 months following the purchase. This tax credit is intended for new homeowners who plan to live in their home for at least three years. You may not convert the home to a rental property or sell it within this time without being required to pay the $8,000 back.
We sell bargain homes in Tampa, Florida in any price range. Let us know how we can help you. Fill out our Buyer Questionnaire and find your dream home today. We will contact you to discuss available properties.
About the Author
Trademark Property Investments specialize in meeting your Tampa home buying needs.
If you’re like most people, you dream about buying a nice home in a nice neighborhood. Well, here’s your chance to make your dream come true! If you can afford a reasonable down payment and monthly payments, you could easily qualify for one of our exciting home purchase programs!
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Tax III — State and Local Taxation