Home Buying in 73521>Question Details

Diane Dykens, Real Estate Pro in 73521

What is the $8,000 tax credit and who is eligible?

Asked by Diane Dykens, 73521 Wed Mar 18, 2009

It is for first time home buyers that have not owned a priciple residence in the last 3 years. The home has to be purchased between January 1, 2009 and December 1, 2009. There are income limits, and recapture possible. For more information, contact me. dykens@swbell.net

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You and the Mulinixes have provided good basic information on the current First-Time Homebuyer Tax Credit.

There are two additional points:
1. The credit can be recaptured if the home is sold within 36 months of the purchase date (there are exceptions to this repayment).
2. The credit can be claimed on the buyers' 2008 return - even if the home is purchased in 2009! If the 2008 return has been filed, an amended return can be done.

If you have more questions, you can contact me and/or refer to my blog.

Thanks,
Tim Epps
Fairway Independent Mortgage - Tulsa
918-528-4010
0 votes Thank Flag Link Thu Mar 19, 2009
The Government has passed a bill to stimulate the economy and revive the housing market, it will provide a tax credit of up to $8,000 for first-time home buyers.

Time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible. 8,000 Home Buyer Tax Credit at a Glance

The tax credit is for first-time home buyers and home buyers who have not owned a home in the last 3 yrs.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
If you need more information on this and other incentives, contact me at lnmulinix@kw.com
0 votes Thank Flag Link Wed Mar 18, 2009
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