The $8,000 Tax Credit Is Ending…
August 19th, 2009
The 2009 First Time Home Buyer Tax Credit is quickly coming to an end, so this is a great time to give a home purchase some final consideration before this program expires.
Keep in mind this is an $8,000 tax credit, and has helped to spur the real estate market this year. You can take advantage of the program as well, and here are a few things to keep in mind as you begin your home shopping:
1.) The $8,000 tax credit expires on December 1st, 2009
2.) This is a First Time Home Buyer Credit… meaning if you haven’t owned a home in the last 3 years, you can qualify.
3.) There are income limitations which include $75,000 for a single home buyer and $150,000 annual income for married home buyers.
4.) A Tax Credit is a “dollar for dollar” reduction in what your actual tax liability will be. For example, if you owe the IRS $4,525.00 next year this credit could offset your amount owed to $0 depending on what your actual tax bracket is. (Consult your tax advisor for exact details.) A tax credit is much more powerful than an a tax deduction which simply reduces the amount of taxable income that you have at the end of the year. Both are great, but a Tax Credit is better!
5.) Keep in mind, you can actually use this tax credit for this year’s return. So, maybe you paid the IRS $8,000 this year in taxes. Wouldn’t you rather use that money towards a home of your own? It is possible to amend your 2008 return, if you purchase before December 1st!
This is an exciting time to be a home buyer as the Home Affordability Index has never been better. Not only can you tap into the $8,000 tax credit this year… but you can buy a home at the bottom of the market, increasing your wealth building ability for the rest of your life!
Contact me for more details, and to get you preapproved today… time is running out.
Best of luck,
Nathan Soliday
nathan.soliday@firstliberty.net
1-800-804-0699 x 3061