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$8000 First Time Homebuyer's Tax Credit
By Robert Lipply
Time is running out! Do not let an $8000 tax credit pass you by. Imagine hearing this while on the next walk through of your future home, “Not only did the previous owners update the kitchen, replace the roof and install a brand new sprinkler system, but the United States government is going to sweeten the deal with eight thousand dollars.” For first-time home buyers willing to take the plunge into ownership between now and close to the end of 2009, a tax credit (that means cash) can be yours if you meet the qualifications. Do not confuse this credit with the former program which was a loan that would have to be repaid over time. This is money in your pocket to furnish your new home with new carpet, perhaps an energy efficient central air and heating system, or for some, a second honeymoon to the Grand Caymans. They money is yours to do with as you please! Many people have questions about the tax credit. Here's a few of the most common ones with answers: 1. Can I qualify as a first-time buyer if I have previously owned a home? Yes, as long as you have not owned a home for three years prior to making your new purchase. If you sold your last home on May 1, 2006, you will qualify for the credit with a new home purchase on or any day after May 1, 2009. You must keep the home as your main residence for a minimum of 36 months after purchasing. 2. If I owe $2500 in taxes and I qualify for the $8000, what happens to the $5500 difference? It comes to you in a refund check from the IRS. Any amount above what you may owe (if you owe anything at all) will be returned to you. Also, if you are scheduled to receive a return of $1300, you would receive a check or electronic funds transfer for $9300. 3. Are there any income limitations? Yes. Individuals filing a gross income under $75,000 qualify for the full $8000 credit. Married couples earning less than a combined $150,000 qualify for 100% of the credit as well. Individuals earning between $75,000 and $95,000 will see a tiered credit. Married couples earning between $150,000 and $170,000 will also see a tiered credit in their return. There is some talk in regards to an extension or increase to the amount of credit allotted as well as the time frame in which a buyer may take advantage of the program. There is even some thought that it will cover all home purchases, not just those made by first-time buyers. This is not set or guaranteed. The $8000 outlined in this article is, however, and is waiting to be claimed on your 2009 tax return.
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Contributor's Note
This is a very exciting program for first time homebuyers and according to the National Board of Realtors, the word is that many first time homebuyers have not heard about this.
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This intel was contributed by lipply
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May, 2012
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