Real Estate Buyer’s Get UpTo $8,000 For Purchase Of Home
The final stimulus bill increases the first-time home buyer tax credit to $8,000 and eliminates the repayment requirement of earlier legislation. In addition, the credit is available to first-time home buyers for the purchase of a principal residence on or after January 1st of 2009, until December 1.
Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser’s income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser. A first time home buyer is one that has not owned a home in the last 3 years. The credit will be 10% of the purchase price up to $8,000 and is allowed for taxpayers earning under $75,000 per year for singles and earning under $150,000 for married filers. With housing prices dropping, this is the time to BUY. Ken Carlson Realty has information on how you may buy a house for $00.00 down with credit scores of at least 620. Just think, with $oo.00 down and up to $8,000 purchase credit from the Federal Government, you could use the extra money to buy carpet, appliances, furniture Etc. If you are renting, NOW is the time to BUY! Any property you see that is listed can be shown by Ken Carlson. Call today at 989.240.0970 to start the search for your dream home.
Disclaimer: The information pertaining to the HR1 Stimulus Bill should be verified by the user and how each taxpayer may be effected. You should consult your Tax preparer for specific advice.
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