As part of the stimulus package, the Federal Government has approved a new $8,000 federal tax credit for first time buyers.
Below are the basics:
- The Federal Government approved up to an $8,000 tax credit for first time buyers who meet certain criteria. The credit is 10% of the purchase price or $8,000, whichever is less.
- A first time buyer is a person who has not owned a property in the last 3 years.
- The property purchased must be your primary residence.
- The tax credit is available to individuals with adjusted gross income under $75,000 ($150,000 for joint filing).
- This credit does not have to be repaid as long as the home isn't sold in the within three years; this is different from last year's $7,500 tax credit which had to be repaid over 15 years.
- Is applicable to homes purchased before December 1, 2009.
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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 to discuss your options.
Want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact christine@donovanblatt.com or 714-319-9751 to learn about my system which will make your buying and selling experience easier.
Click Orange County homes for sale to view all OC homes for sale.
Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied.
Copyright © 2009 by Christine Donovan, All Rights Reserved. $8,000 Tax Credit for First Time Buyers
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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures or contact me at christine@donovanblatt.com to discuss your options.
If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes.
Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.
Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.
Click Orange County homes for sale to view all OC homes for sale.
Hi Christine lets hope it is enough to get some 1st time buyers off the fence.
Christine - This credit should help in some of my areas in East Florida. What we need is positive news! Thanks for your comment on my sunset photo.
Bill - I think many are hoping for the same thing. It could make a big difference to the economy and such.
John - I hope it helps you and your buyers. Optimism is important.
You're welcome; the picture was beautiful.