Want an extra $8,000 in your pocket? Are you a first-time homebuyer? Then boy, I have a surprise for you.
At the end of last year, our Government introduced yet another financial incentive to try to stimulate the economy it consisted of an income tax credit of up to $7,500(that needed to be repaid). The rules were simple: you must have been a first-time homebuyer (as defined by not owning a home in the previous three years) and you met certain income requirements but it didn't do much to stimulate the economy so the bill was re-introduced and passed as follows...
The new $8,000 tax credit is available to those who buy between January 1, 2009 and December 1, 2009 (as long as the set aside money lasts). It’s not a deduction, it’s an actual dollar for dollar credit. The maximum tax credit is $8,000 or 10 percent of the sales price of the home, whichever is less. Three years residence in the property are required. The income limits that must be met are $75K for singles and $150K for couples.
This is an amazing opportunity for first-time buyers to purchase at great interest rates and receive this credit. Please be sure to check with your accountant for details and submit IRS form 5405 when you file your taxes
- ▼ 2009 (10)