$8000 Tax credit simplified!

$8000 Tax Credit (1st Time Home Buyers) SIMPLIFIED

There is a lot of confusion about the new $8,000 tax credit for first time home buyers. Hopefully this will provide clarification.
Initially, there was a $7,500 tax credit (which had to be paid back over 15 years) for first time home buyers who purchased between April 9, 2008 and December 31, 2008.
With the new economic stimulus bill, there is a new tax credit for first time home buyers who purchase a home between January 1, 2009 and November 30, 2009. December 1 is too late.
This new credit, unlike the former, will only have to be repaid if you sell the home within 3 years, otherwise it is a true credit.
It is important to note that the credit is 10% of the purchase price, up to $8,000, so if you purchase a home over $80,000 you will receive the entire $8,000 and if you purchase a home under $80,000 you will receive less.
Eligible properties are any single family residence that will be used as a principle residence.
This is a refundable credit, meaning if you were supposed to receive a $500 refund on your taxes, you will now receive up to $8,500 as a refund!!! If you owe money on your taxes, you can use the credit to offset that responsibility.
Income limits are as follows: The full amount of credit will be available to individuals with adjusted gross income of no more than $75,000 and joint filers with adjusted gross income of no more than $150,000. A partial credit will be given to individuals making between $75,001 and $95,000 and joint filers making between $150,001 and $170,000.
You must be a first time home buyer, defined as anyone who has not owned a principle residence in the last 3 years.
If you purchase your home this year, and you've already filed your taxes, you can amend your tax return and claim the credit NOW!!!!
For more info, contact me at 615.509.7000 or email me at Josh@JoshAndersonRealEstate.com comment below or visit www.JoshAndersonRealEstate.com

JOSHANDERSON RealEstateConsultant TheAndersonGroup

cell: 615.509.7000 office: 615.425.3952 fax: 615.690.9054
Keller Williams Realty, 30 Burton Hills Blvd. Ste. 175, Nashville, TN 37215
www.JoshAndersonRealEstate.com

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