Tax Credit of $8,000 to First Time Home Buyers!
President Barack Obama signed the stimulus bill Tuesday which is great news for first time home buyers. We are sure you all have questions as to how it is going to affect you. Below are highlights regarding the credit that we thought would be of interest to you.
The tax credit is equivalent to 10% of the purchase price of the home, capping at $8,000.
This credit applies only to first time home buyers and the home must be used as your primary residence.
The credit will not need to be paid back, as with the earlier $7,500 credit.
A first time home buyer is anyone who as not owned a primary residence within the last three years.
The credit is for buyers who purchase a home between January 1, 2009 through November 30, 2009.
Income restrictions are as follows - Single person must have an adjusted gross income of $75,000 or less; Married couples $150,000 or less
You will need to live in the home as your primary residence for at least three years to be able to keep the credit.
If you should sell the home prior to the three year period, you will be required to return the credit.
To receive this credit, simply claim it on your taxes the first of next year!
If you have any questions regarding the credit or would like to see how you can take advantage of this great opportunity, just give us a call. We're hear to help!
Pat & Wayne Harriman