|
|
 |
|
|
|
| 1st TIME BUYERS CREDIT |
|
|
The $8,000 tax credit is a true credit with no payback provision if you
stay in your home for three or more years, and includes a provision that
pays the first time homebuyer a bonus if they don't owe the full amount of
the tax credit they receive. The credit (10% of the purchase price up to
$8,000) is paid in total to the taxpayer. Here's an example: The "first
time" homebuyer pays $80,000 or more for their new residence, they receive
an $8,000 tax credit. Should their total tax liability be only $5,000, they
receive that amount as a tax credit. (Taxes they do not have to pay) They
not only wipe out all the taxes they would have to pay, they also receive a
difference of $3,000 in the form of a "refundable" credit. Just think the
buyer gets a refund in the mail of $5,000 if they already paid their taxes
and a bonus check of $3,000.
There are some income restrictions of course. $75,000 for individuals and
$150,000 for married couples filing jointly. There is a limit time. The
purchase must be closed by December 1, 2009.
There is some relief in the 3-year rule. No re-capture for death of a
homeowner, and special rules make adjustments for people who have to sell as
part of a divorce settlement, or destruction of the home by a natural
disaster.
First time homebuyer is defined as an individual who has not owned a
principle residence in the last three years. Any first time homebuyer just
cannot pass this up. It's like money falling from the sky as we see it, and
it most likely will not be extended beyond 2009.
We encourage buyers to take advantage of the great opportunity before it's
too late. Please call any of our agents to get more information or call our
office at 330-726-7653 and request your free brochure! Hurry before the
December 1, 2009 deadline.
|
|
|
|
|
|
|
DeltaNet Login
Real estate agents ready to serve you | Browse homes and real estate for sale
Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 03/15/2010. The listing information on this page last changed on 03/15/2010. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Cris MLS (last updated Mon 02/02/2009 5:30:01 PM EST) or NEOHREX (last updated Mon 03/15/2010 2:45:02 AM EST). Real estate listings held by brokerage firms other than Mayo & Associates Realtors may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --
Privacy Policy
This site is hosted, designed, and copyright
© 1994 - 2010 by Delta Media Group, Inc.
Agents Only Login
Agency License Information: MAYO & ASSOCIATES, REALTORS, INC. YOUNGSTOWN, OHIO
|
|
|
|
