FIRST-TIME HOMEBUYER TAX CREDIT
The tax credit was a part of the economic stimulus package that went into effect in February. Below are the 3 major guidelines to qualifying for this 8k tax credit.
1.) Are you going to buy a home by the end of November 2009?
Good! Because this benefit expires November 30th which means that should have an offer in on a property by the 1st of November in order to be closed in time.
2.) Do you make less than 75k AGI (Adjusted Gross Income) a year?
Good! Individuals can use the full benefits if their adjusted gross income is $75,000 or less ($150,000 for a married couple) and will get partial benefits for incomes of up to $95,000 for individuals and $170,000 for married couples.
3.) Are you a first time home buyer or will this be your first primary residence in 3 years?
Good! If you have not owned a home for three years from the time you purchases then you are a first time homeowner under this economic stimulus package program.
Consult your CPA to make an informed tax credit decisions
$8,000 FIRST TIME BUYER TAX CREDIT - CHECK RECEIVED!
Clients have already recieved their first time buyers tax credits...What are you waiting for??
This is an actual check from a First Time Buyers who bought a home in Austin and immediately filed their 2008 tax return - which they had already filed an extension for. Before their home purchase, their return was going to give them a refund of approximately $4,000 and as you can see, they qualified for the tax credit, and received $8,000 additional dollars from the government for buying a home.
Now that you have realized you are eligible for the 8k tax credit...It is time to start looking for your dream Austin Loft, Condo, Intown Real Estate, Foreclosure or Short Sale. Feel free to contact us if we can be of any assistance. We would be honored to help!
