Saturday, March 14, 2009

Definition of "First-Time Buyer" might surprise you

By now, you've probably heard that the Federal Government is making available an $8,000 tax credit to first-time buyers. While the definition of the term "first-time buyer" might seem obvious, you may be surprised to discover that it includes anyone who has not owned a home in the past 3 years, even if they owned a home prior to that time.

Want more details about the tax credit and how it works?

Tax Credit Example:

You owe: $12,000 income tax
Subtract: $8,000 tax credit
Balance owed: $4,000


You owe: $2,000 income tax
Subtract: $8,000 tax credit
REFUND to you: $6,000

■ FIRST-TIME BUYER: Anyone who has not owned a home in the last 3 years
■ PROPERTY: Single Family Residential
■ INCOME LIMIT: Single Person $75,000; Married Couple $150,000
■ REPAYMENT: None (If you own and live in your home for 3 years)
■ TAX CREDIT EXPIRATION: December 1, 2009
■ TAX YEAR: Credit can be applied to your 2008 or 2009 taxes!

Need more reasons to buy a home now?
> Low interest rates
> Lower home prices
> Lots of homes to choose from

Give me a call today to discuss the possibilities for you. 206-708-9800

No comments: