$8000 Tax Credit for buying a home?
You may be eligible for an $8000 tax credit for the purchase of a home.
The Economic Stimulus Bill signed by President Obama in February offers first-time homebuyers a tax credit equal to 10% of the cost of their home up to $8,000. This tax credit is available to first-time homebuyers who purchase a home in the United States as their principal residence on or after January 1, 2009, and on or before November 30, 2009.
To qualify as a first-time homebuyer, you cannot have owned an interest in a principal residence in the past three years from the date of the qualifying purchase.
To qualify for the full amount of the tax credit, you must earn no more than $75,000 if filing as Single or Head of Household. If filing a joint return, the buyers may have a combined income of no more than $150,000. There is a phase out of the credit if reported income is more than $75,000.
The tax credit must be taken as a credit from your total tax liability for the 2008 or 2009 tax year. Also, the tax credit is "refundable," meaning that the taxpayer can receive a tax refund if the credit is greater than the estimated liability.
This credit does NOT have to be repaid, making the tax credit a fantastic opportunity that anyone considering becoming a first-time homebuyer cannot afford to miss.
Further information can be found at www.federalhousingtaxcredit.com or www.irs.gov. This information is provided for general awareness only, and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind. Please consult with your tax professional for complete details.
You may also want to find out more information or get some of your questions answered about the Housing & Economic Recovery Act of 2008, please visit www.hud.gov/news/recoveryactfaq.cfm .
"The Agent With Your Best Interest in Mind"
Buying or selling a home is a major decision, and you can trust that I will provide you with the service, expertise and advice you need and deserve.
I will help you with all your residential real estate needs, whether you're hoping to buy or sell a new home, condo, townhouse, second home, luxury home or any other type of real estate property, you can expect Premier Service from Christine Sutton and Eaton Group Inc GMAC Real Estate.
"Here and There...Everywhere"
Buying or selling in Northeastern Ohio, across the country or across the world - I can help every step of the way. At Eaton Group Inc GMAC Real Estate we have a large network of affiliates to help you with your local or long distance move. Contact me today for more information at 330.550.8356 or send an email to christine.sutton@eatongmac.com. I look forward to helping with your move!
Trumbull County, Mahoning County, Ashtabula County, Geauga County and the greater Northeastern Ohio area are my market! I was born and raised in Northeastern Ohio and am raising my family here. I have strong ties, and believe in making a positive impact on the growth and success our Northeastern Ohio area.
Affiliations:
GMAC Medallion Club
Youngstown Warren Area Chamber of Commerce
Accredited Buyers Representative, ABR
Real Estate Buyers Agent Council, REBAC
Member National Association of REALTORS (NAR)
Member Ohio Association of REALTORS (OAR)
Member Youngstown Columbiana Association of REALTORS
CRIS Multiple Listing Service
(Trumbull, Mahoning, Columbiana, Portage and surrounding counties)
NORMLS Multiple Listing Service
(Geauga, Ashtabula, Cuyahoga, Lake and surrounding counties)
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