 |
|
|
|
 |
||
|
||||||||
| ||||||||
| ||||||||
|
||||||||
| ||||||||
 |
  $8000 1st Time Homebuyer Credit
From Jan 1, of 2009 through November 31, 2009, the Federal Government as part of the 2008 stimulus package has made a $8000.00 1st time homebuyer credit available to homebuyers. The credit is available in all 50 states, and is 10% of the purchase price or $8000.00 whichever is less. The credit will show on your tax return and is particularly effective for those who buy at the end of the year when you only have a small amount of mortgage interest and property taxes to claim as deductions. What people need to understand is that this credit is repayable. It isn't a "handout". It is however at a zero percent interest rate and be repaid over a 15 year period with 6.67% of the credit amount repaid every year. So if you received the full $8000.00 credit, you would be repaying $502.00 per year since the $8000 is repayable over a 15 year period. If you sell the property and a portion of the credit is still outstanding, you will owe the balance when you sell. However, the government has yet to set a "tracking" system on the credits given. The word on the street right now is that if you sell your home and don't have enough equity to payoff the remaining credit amount owed, it may be forgiven. Stay tuned... When having your taxes done, if you are getting money back from the IRS, you would have to subtract the $502.00 from your return. If you are to be owing the IRS, than you would have to add the $502.00 to your bill you owe. There are income limitations on obtaining the full credit. A single person can make no more than $75,000. A joint married couple can make no more than $150,000. You may be eligible for a portion of the credit if your income is higher than the above figures. You don't have to apply for the credit. At the close of escrow, the escrow officer must file specific paperwork, to alert the IRS that you want and qualify for the credit. Also a first time homebuyer definition is for someone who hasn't owned a home in the past 36 months. For more information on the $8000.00 tax credit, click here to read the IRS tax credit official release complete with a Q&A or feel free to give me a ring and or click on the "contact us" tab on my website and I'll get back to you at my earliest opportunity.  Catalyst Lending Inc. - 226 Sandberg St - Thousand Oaks, CA 91360 Office Phone: (805) 276-1942 Fax: 800-506-0632 Cell Phone: 805-276-1942 Catalyst Lending Inc.
© 2010 Myers Internet All Rights Reserved Powered by: Myers Internet | Admin Login |