Curious about the $8,000 Home Buyer Tax Credit???
I’m fielding lots of questions about the specifics of the Newly Revised Home Buyer Tax Credit, so instead of having to sift through lots of fluff & hype here are the nuts and bolts. I am definitely seeing an increase of buyers looking at homes for sale in Cary, NC!
What it is: A GIFT! A $8,000 TAX CREDIT for ‘First Time Home-Buyers’
What it means: If you purchase a home before Dec 1, 2009 then you will receive $8,000! This will be realized by either paying $8,000 less on your income taxes or receiving an additional $8,000 in your tax refund – either way it’s a true eight grand in your pocket! You can elect to have the $8,000 credit applied to your 2008 or 2009 taxes.
1st Time Home Buyer Defined: Simple, You have not owned a home in the past 3 years
The Catch: If you sale the home you purchase in less than 3 years then the government wants their money back!
1) the home you purchase has to be over $80,000 to receive the full eight thousand (no problem in this area!)
2) if you are single, then your adjusted gross income on your tax return needs to be less than $75,000 – the credit starts to be reduced after that and goes away if your adjusted income is over $95,000
3) if you are married filing jointly then your adjusted gross income on your tax return needs to be less than $150,000 – it starts to be reduced after that and goes away if your adjusted income is over $$170,000
Pretty Cool HUH????
If you are thinking about buying or selling or have any real estate question then please contact me first! I’m here to answer your questions.