$8

$8,000 First Time Homeowner Tax Credit

The U.S. Government is offering the lesser of either 10 percent of the cost of a home or $8,000 to qualifying first-time homebuyers in the form of a refundable tax credit. For example, if you owe $5,000 in axes, you will receive a check for $3,000. If you don't owe any taxes, you may qualify to receive the full $8,000 credit. If you happen to be lucky enough to have the government owe you a refund in taxes for example of $2,000 - then you could potentially receive a total refund check of up to $10,000!

Qualifying for this tax credit may be easier than you think. If you are a first time homebuyer, here are a couple things to consider. 1. A qualifying home must be a single family primary residence. This includes condos and townhouses. 2. Your income has a bearing on whether you are a fit for this credit. The full amount of credit is available for individuals with gross incomes of no more than $75,000 (single) or $150,000 (married). The credit phases out above those income caps. Check with your tax accountant for additional information & a few other stipulations.

The best part about this credit is that there is no repayment as long as you don't sell the home within three (3) years of purchase. If you choose to do so, the entire amount of this credit is due back to the government at the time of sale. This only applies to homes purchased in 2009.

If you fit the qualifications, then congratulations! You are on your way to being a home owner instead of throwing away money on Rent. Contact me today to take advantage of this tax credit offer.

Bill Beckett

Bill Beckett
RE/MAX 200 Realty
(407) 257-5833

FAQ's - Frequently Asked Questions