Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
|
 Posted: Tue Feb 24, 2009 3:28 am Post subject: |
|
|
Hi msnover,
Thanks for sharing an important news with the community.
A number of housing incentives available to the home buyers are dependent upon the refundable first-time home buyer tax credit of up to $8,000. There are certain rules which home buyers should keep in mind in order to prevail the 2009 first-time home buyers tax credit. These are:
- Home buyers will not have to pay it unless the home is sold within three years.
- This tax credit applies only to first-time home buyers. Those people who haven't owned a home within the last three tax years, can qualify as a first time home buyer.
- This tax credit is available only for homes which are purchased between January 1, 2009, and December 1, 2009.
- Your income will also come into consideration when you apply for a tax credit. Individuals with an gross income of $75,000 or above and for married couples with a combined gross income of $150,000 or above cannot apply for this tax credit.
- Tax credit will be available for 10% of the purchase price, up to a maximum of $8,000.
- The credit can be taken on 2008 taxes even though you buy the property in 2009.
Home buyers can get the benefit of this tax credit by closing on their home prior to April 15, 2009, filing an amended return or getting an extension to file taxes later in the year.
Thanks.
_________________
Good is the Enemy of Great. |
|
Mortgage News 
