The government is now offering an $8,000 First Time Home Buyer tax credit. You may be thinking, "I don't qualify for that, I've owned a home in the past." Well, you may still qualify. For this tax credit, the IRS defines a first time home buyer as anyone who has not owned a home in the last three years.
The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000. So if you buy a $70,000 home then you can get $7,000 or if you buy a home over $80,000 then you can receive the full $8,000 tax credit. Unlike previous First Time Home Buyer tax credits, this credit does not have to be repaid. And, if you buy soon, you may be able to amend your 2008 taxes so that you get the tax credit now rather than waiting until the end of 2009. You'll have to speak with your accountant or tax advisor for more information on amending your taxes.
There are income restrictions but they are pretty lenient. For single taxpayers, the maximum income is $75,000 and for married couples the maximum is $150,000 to qualify for the full tax credit.
Just another great reason why now really is the time to buy!
If you would like more information on this tax credit, you can visit FederalHousingTaxCredit.com. If you would like to take advantage of the tax credit you can call me at (813) 317-4300.
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