Travis, Home Buyer in Woodstock, MD

About this new tax bill... Supposed i make 37,000 a year. If i am not even paying $8,000 in taxes per year

Asked by Travis, Woodstock, MD Wed Feb 18, 2009

do i still just get issued a check for 8,000 that never has to be paid back if i am a first time home buyer?

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9
psouza, Agent, North Bethesda, MD
Fri Feb 20, 2009
If I can add to Ms. Garinther's answer, the tax credit is for first time home buyers. A first time home buyer is qualified as someone who has not owned a home in the past three years. It is deducted off of your tax return without special applications, etc. This is grandfathered (backdated) for purchases starting January 1, 2009 going forward to November 2009. However, you should always seek the advise of a tax consultant who can advise you on your specific tax requirements.
1 vote
Rick Riley, Agent, Gaithersburg, MD
Sun Feb 22, 2009
Final Details of the law won't be made public until March 4th. Always seek tax advice from a competent tax professional.

Rick Riley
RE/MAX Realty Group
Gaithersburg MD
rickriley@mris.com
Web Reference:  http://www.rickriley.com
0 votes
Alqamar Malik, Agent, Largo, MD
Sat Feb 21, 2009
Peggy had the most accurate answer I've read yet concerning your question. There are income limits involved with the credit, however $37,000 annually well puts you in th realms of taking advantage of this credit (this is if you file single person). Keep in mind this credit expired Dec 1st of this year. If you have not filed your taxes for 2008 yet, you can receive the credit on this years tax returns. That is if you buy a home before the April 15th tax deadline. As always consult your tax advisor for more details.
Visit my website http://www.AlqamarMalik.com
Web Reference:  http://www.AlqamarMalik.com
0 votes
janet garint…, Agent, Bel AIr, MD
Thu Feb 19, 2009
The maximum amount of the credit is $8000 but the amount you can take is limited to the lessor of 10% of the purchase price up to $8000. That is how the current bill appears to read. It has changed a few times but this is the interpretation now. Hope you find this helpful. With this type of question you should seek additional advice from your favorite tax expert...this information comes from mine (title and lendor people)

Janet Garinther
0 votes
Jonathan S T…, Agent, Columbia, MD
Wed Feb 18, 2009
Travis,

Good luch then! My daughter was Lydia Tucker (Class Prez ) in first graduating Class of 08. My son is Sam Tucker (sophomore). Maddy is class of 2017... We love that school. Can't go wrong.

It is a good time to be a home Buyer!

Jon
0 votes
Travis, Home Buyer, Woodstock, MD
Wed Feb 18, 2009
Thanks Mr. Tucker. I currently have a realtor but i appreicate the offer. My little brother goes to that highschool.

Thanks.
0 votes
Jonathan S T…, Agent, Columbia, MD
Wed Feb 18, 2009
Travis,

Jon Tucker with RE/MAX 100. Typically under many tax treatments, tax credits that cannot be used can be carried forward for up to three years. Talk to an accountant though. I am sure they are scrambling to learn themselves.

If you are interested and not working with a Realtor, I would like to help you find a great home and deal in Woodstock. I am next door in Marriottsville near the new high school. Thanks, Jon Tucker, 443.538.4316, TuckerRealty@comcast.net, http://www.JonTuckerHomes.com.
0 votes
Travis, Home Buyer, Woodstock, MD
Wed Feb 18, 2009
This is copie off of beazer homes website... and i have been told different things depending on who i ask...
"$8,000 Guaranteed No Matter What You Owe
A tax credit directly reduces the taxes you owe for the entire year, including what you’ve paid in. Under the new law you're guaranteed $8,000 off your taxes. If, for example, you’ve paid $6,000 and owe nothing else, you’d get an $8,000 tax refund. If you owe more, you're still guaranteed $8,000 credited against that."

From what i read there... even if u paid NOTHING in taxes and owe nothing... you still would get the $8000 if you bought a house between now and dec 1?
0 votes
Lydia Marcon…, , Alpharetta, GA
Wed Feb 18, 2009
Well from what I understand you will get a credit and you must seek an accountant to let you know for sure.
0 votes
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