First time home buyers.....get your $8000!!!
Congress passed a new stimulus bill that includes a very nice tax credit for first time homebuyers....There are rules and you must qualify via income limits..but if you meet the requirements, this will be a great year to purchase a home! Columbus offers many good values right now in both the house and condo markets. Please read below to learn about the new tax credit!
Here are the details, from CNN:
- Refundable: The credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of withholding they paid during the year- was less than that amount.
- Purchase Date: To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as “first time” buyer. They must also live in the house as their primary residence for at least three years, or they will be obligated to pay back the credit.
- Paperwork: Applying for the credit will be easy - or at least as easy as doing your income taxes. Just claim it on your return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit.
- Income Restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)
Please let us know if you have any questions or if you want to come in for a consultation. Remember, we work with many first time home buyers. We explain the process in our consultation and there is never a charge for this to you...Dont just hop in the car and start looking at houses.....we want you to take the time to learn how everything works, then you will be an informed and prepared buyer...
We look forward to hearing from you...call us today at 898-5397
Charlene, Troy, Ashley and Katrina