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$8000 Tax Credit For First Time Home Buyers Expires Soon

Posted By admin on October 30, 2009

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Did you know that the $8000 tax credit expires 11/30/2009?  That means there are only 131 shopping days remaining.  The reason the number of days is significant is that the buyer do not have to pay the $8000 tax credit back to the government as long as the buyer resides in the home for 36 months after purchase.


This credit was part of the stimulus plan that President Obama signed into law. 


The credit, however, does not apply to everyone.  To qualify for the entire credit, your gross income must be less than $75,000 a year if you are a single home buyer and $150,000 if you are a married home buyer.    You can still get a partial credit if your gross income is greater than $75,000, but less than $95,000 as a single home buyer.  If you are married and your combined income is greater than $150,000, but less than $170,000, you can qualify for a partial credit, as well.  It is important to note, that in the case of a married couple both spouses’ homeownership history will be considered to determine eligible for the program. 


Unfortunately, the credit can not be used as a downpayment.  To qualify you must first purchase the home, then claim the credit using Form 5405 on your 2008 or 2009 tax return.


The tax credit, low interest rate, and lower than ever real estate prices should make homeownership a number one priority for anyone thinking of purchasing a home in 2009.


Give Serena a call at 219 803 4489 or email her at taylorbrownrealestate@yahoo.com to start building equity and create more tax write offs.

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Originally posted 2009-07-22 15:37:01. Republished by Blog Post Promoter


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About the author

admin

Serena Brown is broker and owner of Taylor-Brown Real Estate. She is the author of this blog. She has also co-authored a book entitled Should I Short Sale My Home. She has authored a e-book How to Sell My Home. She will be authoring a book on real estate investing by April of 2010 and several reports. She has dual degrees in Business Administration and Electronic Engineering Technology. She prides herself on being up to date on all trends, news, and education related to real estate to include short sale, loan modification, etc. She also makes sure her clients are abreast of how these changes will affect them financial. Therefore, stay tuned for great information in 2010.

Comments

7 Responses to “$8000 Tax Credit For First Time Home Buyers Expires Soon”


  1. thanks !! very helpful post!


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  3. very informative article… I would like to use a piece of this on my blog, is that feasible?


  4. Very good news


  5. Excellent news!


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"Welcome to Taylor-Brown Real Estate Talks"

Taylor-Brown Real Estate Talks' goal is to empower the consumer with education about real estate, insurance, and mortgage trends, news, terms, etc., so that the consumer can achieve financial wealth through listing and selling real estate.


About the author

admin

Serena Brown is broker and owner of Taylor-Brown Real Estate. She is the author of this blog. She has also co-authored a book entitled Should I Short Sale My Home. She has authored a e-book How to Sell My Home. She will be authoring a book on real estate investing by April of 2010 and several reports. She has dual degrees in Business Administration and Electronic Engineering Technology. She prides herself on being up to date on all trends, news, and education related to real estate to include short sale, loan modification, etc. She also makes sure her clients are abreast of how these changes will affect them financial. Therefore, stay tuned for great information in 2010.

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