Have you been waiting for the perfect time to buy? Well, that time has come! The homeownership tax credit that the federal government enhanced earlier this year should be the perfect motivation to jump off the fence and get into the home buying market.
When you combine the tax credit with today's continuing low interest rates, large selection of for-sale inventory, and low home prices, many of the pieces are in place that make this an ideal time to make your housing dream a reality!
In short...a non-repayable $8,000 tax credit is available to any first-time homebuyer purchasing between Jan1, 2009 and Dec. 1, 2009. The following information provides you with answers to some frequently asked questions about the tax credit:
Who is eligible? A person is considered to be a first-time buyer if they have not had any ownership in a home in the three years previous to the day of the 2009 purchase.
Is there an income restriction? Yes. The income restriction is based on the tax filing status the purchaser claims on the income tax return: Single (or head of household) is no more than $75,000. Married couples who file a joint return may have income of no more than $150,000.
Do I have to repay the 2009 tax credit? NO! There is no repayment for the 2009 tax credit.
So there's no way to get any cash flow benefits before I file my tax return? Yes, there is! Any first-time homebuyer who believes they are eligible can modify their income tax withholding through their employer ro adjust their quarterly estimated tax payment.
So I can't use the credit amount as part of my downpayment? No. Congress tried to devise a way to make funds available for closing costs, but found that pre-funding would require cumbersome processes that would, in effect, bring the IRS into the purchase and settlement phase of the process.
How can I get started? Simple! Just give me a call at 816-668-1799. Make your home buying dreams come true today!
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