How about $8000 in your pocket if you buy in the next year!
A nice little incentive to the new stimulus package that was signed today is the $8000 tax credit that you will receive if you buy by Dec. 1, 2009. As usual, there are rules that apply but for most first time home buyers this a great incentive! Below are the details!
- anyone who has not owned a home in the three years prior to purchase date is eligible (spouse can’t have owned home either)
- income limits of $75k for individual and $150k joint (phases out at $95k individual and $170k joint)
- must purchase before December 1, 2009
- tax credit is lesser of 10% of home purchase price or $8,000
- this is not a loan and does not need to be repaid
- only applies to single-family residences
- only applies to a primary residence
- no portion of the tax credit is due upon sale of the home if the home is owned for more than three years (if home sold within 3 years, full amount of credit is due upon sale)
- credit can be claimed on the purchaser’s income taxes despite their liability (thus, if they had to pay $2k in taxes, they will now get a $6k refund)
- income limits of $75k for individual and $150k joint (phases out at $95k individual and $170k joint)
- must purchase before December 1, 2009
- tax credit is lesser of 10% of home purchase price or $8,000
- this is not a loan and does not need to be repaid
- only applies to single-family residences
- only applies to a primary residence
- no portion of the tax credit is due upon sale of the home if the home is owned for more than three years (if home sold within 3 years, full amount of credit is due upon sale)
- credit can be claimed on the purchaser’s income taxes despite their liability (thus, if they had to pay $2k in taxes, they will now get a $6k refund)
Pretty Schweet!! Add this to the low interest rates and you got yourself a great opportunity!
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