$8,000

 First Time Home Buyer Tax Credit

This is your chance of a lifetime,

Don’t miss out!

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

There has never been a better time to buy a house with a huge selection of homes for sale, low interest rates, and now up to an $8,000 tax credit for first-time home buyers. 

Here is how the credit works:

If you’re in a market for your first home, or if you are looking to buy again after not owning for three years, Congress is giving you an added incentive to become a homeowner. If you qualify and purchase a home after January 1, 2009 and before December 1, 2009, you could receive up to the full $8,000 tax credit that you won’t have to repay. Any home purchased for $80,000 or more qualifies for the full $8,000 amount. If the house costs less than $80,000, the credit will be 10% of the cost.

Payback Provisions:

The tax credit is a true credit and does not have to be repaid.

The only repayment requirement is if the homeowner sells the home within three years after the purchase date.

Income Limits:

Home buyers who file as single or head-of-household taxpayers can claim the full $8,000 credit if their modified adjusted gross income (MAGI) is less than $75,000.

For married couples filing a joint return, the income limit doubles to $150,000.

Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time home buyer tax credit.

Married couples that earn between $150,000 and $170,000 are eligible to receive a partial first-time home buyer tax credit.

The credit is not available for a single taxpayer who’s MAGI is greater than $95,000 and married couples with a MAGI that exceeds $170,000.

Tax Credit is Refundable:

A refundable credit means that if you pay less than $8,000 in federal income taxes, then the government will write you a check for the difference.

For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $3,000 payment from the government.

If you are due to receive a $1,000 tax refund from the government, your refund would grow to $9,000 ($1,000 plus $8,000 from the home buyer tax credit).

Buyers can take the tax credit on their 2008 income tax return by filing an amended return or simply wait until they file their 2009 return.

So, what are you waiting for?  Give us a call Today, and let's get started finding you the home you always wanted. 

Lanea Richardson,                                             GRI Realtor®
(407) 461-2303
lanear@watsonrealtycorp.com

Virginia Bellhorn,                                                                 Realtor®
(407) 580-7235
vbellhorn@watsonrealtycorp.com

Mark Kelley, 
Realtor®
(407) 538-5914
mkelley@watsonrealtycorp.com

Or you may reach us at our office at (407) 359-2300 

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