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What would you do with an extra $8,000? For qualified 1st time home buyers this option may be available now!
If you have not owned a principal residence for the past 36 months, this makes you a 1st time homebuyer and if you meet the income limits, the government is offering a tax credit of up to $8,000.00!
The credit is 10% of the purchase price up to a maximum of $8,000. (So, an $80,000 house or more would give you a maximum of $8,000 as long as you meet other qualifications.)
Home purchases must be between January 1, 2009 and December 1, 2009.
Look at the buyer's AGI (Adjusted Gross Income) which is the final number on the bottom of the front page of IRS form 1040. If the buyer is single the limit is $75,000 and married (filing jointly); $150,000. A partial credit will be given to single buyers with an AGI of up to $95,000 and married buyers with a joint AGI of up to $170,000.
Home owners need to live in this new home for 3 years or more to avoid having to repay the tax credit.
If you have already filed your 2008 taxes, the government allows you to file an amended return, giving you this refund now!
Other restrictions may apply, please check with your personal accountant. The IRS tax form to apply for this credit is Form 5405.
Call me today for more information or if I can help you begin your new home search! Martha Rojas (308) 440-9703.
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