Clearwater Florida Homes Condos Real Estate

head_left_image

Frequently Asked Questions About the $8,000. Federal Tax Credit

This is a great post that answers most the questions people have about the new tax credit.....

Congress Approved the $8,000 Tax Credit For Homebuyers.  Here are answers to frequently asked questions.  

FAQ

Frequently Asked Questions About the $8,000. Federal Tax Credit
Q:

A:

How much is the tax credit?

The tax credit would be $8,000 or 10% of the purchase price, whichever is less.


Q:

A:

Who is eligible?

Similar to the $7,500 tax credit included in the Housing and Economic Recovery Act of 2008, the $8,000 tax credit (included in the 2009 economic stimulus plan) is available for the purchase of the primary residence by first-time homebuyers.


Q:

A:

If this is for first-time homebuyers, how do I know if I am eligible for the tax credit?

According to the IRS, any taxpayer who has not owned a home during the 3 years prior to the date of purchase can qualify for the credit.


Q:

A:

Do I have to repay the $8,000.?

No.  Unlike the previous $7,500 tax credit, the $8,000. does not have to be repaid UNLESS, the home is sold within three years of purchase; at that time, the credit will be reversed.


Q:

A:

Are there any income limitations on the tax credit?

Yes.  The tax credit is strictly for individuals with adjusted gross income of under $75,000 or $150,000 for joint filers.







Debe in Charlotte


About the author:

Quality Service CertifiedDebe Maxwell is a Charlotte Residential Real Estate Broker, Certified Neighborhood & Relocation Specialist, ABR & e-PRO who can assist you with the purchase and/or sale of real estate in the Charlotte NC Metro Area.  If you're relocating to or from any other area of the country, Debe connects you with any member of her team of relocation professionals in your destination or exit city of choice.  The destination service is of no cost to you!  The Maxwell House Group's quality service guarantee puts this team far ahead of the competition; providing unsurpassed customer service is their #1 priority!  Debe Maxwell -- Helen Adams Realty -- 704.491.3310
Copyright© 2009 By Debe Maxwell, All Rights Reserved...**$8,000 Federal Tax Credit FAQ **



Disclaimer:  All information provided by this author is strictly an opinion, is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.


Comment balloon 5 commentsCyndee Haydon • February 21 2009 05:19PM

Comments

Glad to see you did a re-blog of that. I had not seen it previously.

Posted by Steven L. Smith, Bellingham WA Home Inspector (King of the House Home Inspection, Inc.) almost 10 years ago

Hi Cindy - Nice to see you back around the Rain:) Debe did a nice job with her article.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 10 years ago

Thanks for putting this here!  Now I have to hop over to Debe's blog and reblog it!

Posted by Renée Donohue~Home Photography, Western Michigan Real Estate Photographer (Savvy Home Pix) over 9 years ago

and now that it is still going on, more people can take advantage of this credit!

Posted by Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional, Palm Harbor, Dunedin, Clearwater, Safety Harbor (Charles Rutenberg Realty) almost 9 years ago

Thanks for sharing this Cyndee! Providing good reads for your readers shows your dedication and expertise as Clearwater Beach Short Sale Agents! 

Posted by Katerina Gasset, Get It Done For Me Virtual Services (Get It Done For Me Virtual Services ) over 7 years ago

Participate