Tallahassee Real Estate
Do you qualify for the $8,000 tax credit?
June 23, 2009 by nathancross · Leave a Comment
I get asked a lot about the first-time homebuyer tax credit, so I thought I would write a post about the credit and what criteria a buyer needs to meet in order to qualify for it. $8,000 dollars is a lot of money and if used correctly can be a big help to anyone buying a home in todays market.
The most important aspect of the credit in my opinion is the time frame in which a qualified homebuyer needs to close on their home in order to receive the $8,000. If you close on a home after November 30, 2009 you will NOT qualify for the credit.
Buyers claim the credit on their federal tax return which will reduce their tax liability. If the $8000 tax credit is more than what you owe for your taxes , you will get a refund check for the difference.
The new tax credit does not have to be repaid if the buyer stays in the home at least three years. If you sell before the three years is up, the entire amount of the credit is recaptured on the sale of the home. Please take it from a professional if you are not planning on living in a home for at least 3 years you should not be buying now.
I have a great resource that you can download for free that will explain the tax credit in more detail.
Understanding the homebuyer tax credit
Are you looking for a Realtor to help you find a new home in Tallahassee? I would be honored to assist you with the purchase of your largest investment. Remember it cost's you nothing to work with a Realtor when you're buying real estate, so why not give me a call today?Nathan Cross, Realtor
The Naumann Group Real Estate, Inc
New Home Sales Specialist
(850) 443.2125
nathan@bluetomato.me
If you enjoyed this post, make sure you subscribe to my RSS feed!
Related posts:
- $8,000 First-Time Homebuyer Tax Credit Video Watch this video to get detailed information about the $8000 tax credit for First-time homebuyers, and how it may help you purchase your new home. Are you looking for a Realtor to help you find a new home in...
- Tax Credit Extended for Home buyers Who Qualifies for the Extended Credit? First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010. Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being...
