Yes, that's right, a full $8,000 tax credit for purchasing a house between 12/31/08 and 12/1/09. This is a full credit for 1st time home buyers, and doesn't have to be paid back, as long as you live in the house as your primary residence for three years. If you qualify, and it's not that hard, the government will send you a check for $8,000, for buying a home.
There are some restrictions but not that many for a government program. For example, the IRS states, "The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers."
Another requirement, "They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date."
You can read more from the IRS site directly at this link. Check here for a copy of the IRS tax form to fill out. Please make sure you review both of these with your accountant or tax attorney before committing to purchase a home, to verify you are eligible to receive the credit.
Considering the fact that it's a strong buyers market in the Annapolis MD real estate area, this $8,000 tax credit is just an added bonus.
Mortgage interest rates are very low, inventory is high and sellers are willing to negotiate some pretty good terms.
What are you waiting for. Call your agent today, or if you don't have an agent, I can help. This credit expires at the end of this year and there are currently no provisions to bring it back. Act now or miss a great opportunity.
Richard Iarossi, REALTOR®
Long and Foster® Real Estate, Inc.
Crofton, MD 21114
410-451-6255 Office
443-995-9595 Cell
Web: http://www.RichSellsHomes.com
eMail: Rich@RichSellsHomes.com
Annapolis MD Real Estate Specialist
Bowie MD Real Estate Specialist
Crofton MD Real Estate Specialist
©2009 - RichSellsHomes, All Rights Reserved
Rich Iarossi is a full time licensed REALTOR®, working in Crofton, MD. My coverage areas are: Anne Arundel, Prince George’s, Howard, Calvert, Queen Anne, and Baltimore City and County. I specialize in residential real estate, working with both buyers and sellers. Use the registration free search on my website at www.RichSellsHomes.com. If you’re not already working with a REALTOR®...I can help. Call me at 443-995-9595 (Cell) or 410-451-6255 (Office).
SKYPE ME: RichSellsHomes
The only drawback I can see on this one is it is not for everyone. WHat a shortsightedness that was on Congress' part. JMHO. Everyone could benefit and it would stimulate many more folks to be able to use this on their tax returns.
Gail, I'm with you there entirely. I'm talking this up as much as possible though because it is a terrific benefit for those that qualify. My daughter is buying a house this month and I told her to hold off filing her taxes until settlement. She can replenish her down payment just by filling out one form. Sweet! Rich