Bryan or College Station real estate Buyer, Are You Eligable for Tax Credit?
Posted by Chris Tesch on Sat, Feb 28, 2009
The news is good for first time homebuyers currently! In addition to excellent interest rates and excellent home prices we have the beginning of an entirely new program from the U.S. Government helping first time homebuyers with up to a $8000 tax credit (not deduction!) when they purchase and close on a principal residence on or after January 1, 2009 and before December 1, 2009.
Keep in mind that these are general guidelines. You should check with a qualified tax advisor or legal professional about your situation.
Let's look a little more closely at who is a first time homebuyer, who can benefit, whether you get the money in time for a downpayment and other important questions.
According to this credit a first time home buyer is a buyer who hasn't owned a principal residence in the three years prior to this purchase (both husband and wife in this case). It does allow joint purchasers, with parents cosigning for children or similar situations, allowing the first time buyers the credit.
The Tax credit is equal to 10% of the purchase price of the home up to $8,000. Income limits do apply.
There isn't a way to file early and get the money, however, the IRS is allowing people to adjust their withholding amount to put towards their downpayment. Of course, realize that you need to be certain that you do qualify as otherwise you'll have a hefty tax bill at the end of the year.
Visit this website for more information on the First Time Home Buyer Credit to purchase in Bryan or College Station. http://www.federalhousingtaxcredit.com/2009/faq.php
Then pick up the phone and call Chris at 979-574-1084 to look at some great homes!