$8,000 FIRST TIME BUYER TAX CREDIT - CHECK RECEIVED !!!!

By
Real Estate Agent with Bergen County, NJ - RE/MAX Real Estate Limited

 

 

 

This is an actual check from one of my First Time Buyers who bought a home last month, and immediately filed his 2008 tax return - which he had already filed an extension for - and this week received the above check !

 

... before his home purchase, his return was going to give him a refund of approximately $4,000 !!!! ... as you can see, he qualified for the tax credit, and received $8,000 additional dollars from the government for buying his home.

 

@@@ FOR FURTHER INFORMATION - BE SURE TO CONSULT YOUR ACCOUNTANT TO SEE IF YOU CAN RECEIVE THIS YOURSELF @@@

 

Per the IRS.gov website, you may qualify to receive this credit if you meet the following qualifications:

"... qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.

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.

For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase."

 The credit itself:

  • Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
  • Applies only to homes used as a taxpayer's principal residence.
  • Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
  • Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

 

So if you were considering buying a home this year - be sure to talk to your accountant as you may also qualify to get $8,000 extra dollars for buying your first home !

 

ALSO: Be sure to check out a post  from respected Loan Officer Jeff Belonger explaining how you may be able to receive an 'up front loan' for this credit to use towards closing costs or additional downpayment over your mandatory 3.5% payment on your FHA loan !

@@@PLEASE NOTE: ALL INFORMATION ABOVE DEEMED RELIABLE PER THE IRS.GOV WEBSITE, HOWEVER IS SUBJECT TO CHANGE AT ANY POINT ON ANY DAY ! - CONSULT YOUR TAX ACCOUNTANT BEFORE EXPECTING ANY PORTION OF THIS CREDIT.

@@@@ UPDATED: BELOW IS THE FORM NEEDED TO FILE FOR THIS CREDIT IF YOU QUALIFY - YOUR ACCOUNTANT SHOULD HAVE IT AND WALK YOU THOUGH IT ! GOOD LUCK !

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Re-Blogged 44 times:

Re-Blogged By Re-Blogged At
  1. Julie Chapman 05/30/2009 07:45 AM
  2. Rebecca Gaujot, Realtor® 05/30/2009 07:48 AM
  3. Tim & Susan Fennell 05/30/2009 08:14 AM
  4. SarahGray Lamm 05/30/2009 08:22 AM
  5. Maureen McCabe 05/30/2009 08:33 AM
  6. Shirley Parks 05/30/2009 08:58 AM
  7. Lanre Folayan 05/30/2009 11:41 AM
  8. Roland Woodworth 05/30/2009 12:47 PM
  9. Michael Russell 05/30/2009 01:09 PM
  10. Anna Banana Kruchten 05/30/2009 01:42 PM
  11. Mirela Monte 05/30/2009 02:42 PM
  12. Barbara S. Duncan 05/30/2009 04:56 PM
  13. Thomas Cunningham 05/30/2009 07:34 PM
  14. Virginia Lee 05/30/2009 09:12 PM
  15. Richard & Carol DeGrace 05/30/2009 09:29 PM
  16. Sandy Mitchell 05/30/2009 09:56 PM
  17. Debbie Clifton 05/30/2009 10:10 PM
  18. ASHEVILLE 1031 SIGNATURE PROPERTIES specialists in - LAND,INVESTMENT ACREAGES, AND LUXURY HOMES 05/30/2009 10:16 PM
  19. Rhonda Burgess 05/31/2009 12:12 AM
  20. Gayle Causey 05/31/2009 07:09 AM
  21. Thom Abbott 05/31/2009 07:18 AM
  22. Mary Lou Cherry 05/31/2009 08:42 AM
  23. Diana Brunner 05/31/2009 09:26 AM
  24. Renee Eubanks 05/31/2009 09:40 AM
  25. Petra Norris 05/31/2009 11:54 AM
  26. Sheri Moritz 06/01/2009 06:24 AM
  27. Missy Caulk 06/01/2009 07:32 AM
  28. Kimberly Thomas 06/01/2009 09:40 AM
  29. Donna Bigda 06/01/2009 10:21 PM
  30. Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate 06/02/2009 08:36 PM
  31. Kerry Lucasse 06/02/2009 10:37 PM
  32. Joan Berrios 06/03/2009 03:22 PM
  33. Maria Mastrolonardo 06/03/2009 05:05 PM
  34. Brandy Hart 06/03/2009 11:16 PM
  35. William James Walton Sr. 06/04/2009 11:03 AM
  36. Kristina Pratt 06/04/2009 07:47 PM
  37. Sally K. & David L. Hanson 06/05/2009 06:59 AM
  38. Dave Miller 06/06/2009 07:06 AM
  39. David Henke 06/06/2009 09:08 PM
  40. Gwenn Tanvas 06/07/2009 12:42 PM
  41. Dona Reynolds 06/08/2009 10:59 PM
  42. Kim Hamblin 06/28/2009 09:29 AM
  43. Andrew Smith 07/14/2009 12:07 PM
Topic:
ActiveRain Community
Location:
New Jersey Bergen County
Groups:
Club Chaos
Diary of a Realtor
POSITIVE ATTITUDE for the Weary Soul
The Optimist
Tags:
8
000 first time buyer tax credit check received

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Show All Comments
Rainer
23,970
Kimberly Thomas
NJHomesNearPhilly.com - Voorhees, NJ
Broker Associate, Realty Executives Brown & Pope

Hi Sheldon!  Thanks for sharing.  As they say, "A picture is worth a thousand words, or in this case 12,000!  I will print this and share it with my 1st-time buyers!  Thanks for sharing with us in the Rain.

Kim Thomas

Jun 01, 2009 09:32 AM #121
Rainer
73,749
Dan Magstadt
CrossCountry Mortgage - Lake City, FL

Love it!! This is a great program, especially for first-time homebuyers.

 

Best, Dan

Jun 01, 2009 09:42 AM #122
Rainer
16,654
Laura Rivera
Coldwell Banker - Castro Valley, CA

Thank you Sheldon. I have been trying to tell my first time homebuyer who purchased 2 months ago to amend his tax return. I will see if I can copy his IRS check (like you did). And of course with all the disclaimer. Thanks for sharing this great idea!  To some people, seeing is believing.

 

Laura Rivera

Jun 01, 2009 09:54 AM #123
Rainer
26,413
Joyce Windschitl Hercules
Prime Mortgage - Chanhassen, MN
MN, FL, WI & CO Mortgage Consultant

Great program and deal for FTHB.  My daughter closed 4/9.  Filed her taxes including the refund.  Received the check last Tuesday.  She put every cent of it into the house for upgrades.  She was thrilled.

Jun 01, 2009 09:55 AM #124
Anonymous
Anonymous
Betsy Goodell

Glad to see that what we have been preaching is actually working!

Selling Summit County homes in the heart of the Colorado Rockies

Jun 01, 2009 11:13 AM #125
Rainer
25,560
Deborah Dade
RE eBroker, INC. - Corona, CA

It is $8000 for properties purchased in 2009 with escrow closing on or before Dec 1,2009.-With no repayment

It is $7500 for properties purchased from April 2008 to Dec 31 2008.

With $500 pe/r yr repayment for 15 yrs starting on your 2010 Tax return

Just to clarify, the difference between the 2 very different tax credits.

Jun 01, 2009 02:34 PM #126
Rainmaker
197,630
Mark Velasco
Realty Source, Inc (Luxury Homes Division) - Whittier, CA
Friendly Hills Homes for Sale - Whittier, Ca. Real Estate - Listings

Wow Sheldon. Thanks for the heads up. I have heard that this is the case. This is a great explanation. Thanks for your time.

Jun 01, 2009 07:50 PM #127
Rainmaker
910,468
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

I can not even imagine gettinga check that large in the mail. That sure would be awesome. I love how you put this together Sheldon!

Jun 02, 2009 07:12 AM #128
Anonymous
Anonymous
Denise March

It's a beautiful thing! Thanks for sharing. Now come on Florida - let's catch up.

Denise March, Broker/Owner

Jun 02, 2009 09:54 AM #130
Anonymous
Anonymous
Anonymous

Hi Sheldon,

Really liked your post. Have not been on Active Rain for awhile due to some unforseen circumstances, but hopefully I am back. I grew up in Bergen County; Leonia actually!

Have a great day!

Cindy

Jun 02, 2009 08:56 PM #131
Ambassador
662,422
Sheldon Neal
Bergen County, NJ - RE/MAX Real Estate Limited - Maywood, NJ
That British Agent Bergen County NJ

Cindy ! Nice welcome back, and I love Leonia ! Great town :o)

Denise ! Good luck down there in FLA ! Hope it starts to turn soon :o)

Bill G !! LOL ! I'm with you, but if I was on the fence to buy - I'd be off head first knowing I could pickup a free $8,000 if I did !!!!

Mark V - You're welcome - the actual check is a great confirmation :o)

Deborah D - Yep thanks - the $7500 is a different program, this post was just focussing on the juicy $8K freebie !!

Betsy ! - Definitely !

Joyce ! Excellent ! Good for your daughter :o)

Jun 03, 2009 09:36 AM #132
Rainer
2,074
Joan Berrios
National Realty of Brevard, Inc. - Suntree, FL

This is the 3rd home sale that I am closing in the last 2 months and my clients are getting back $8000 to use for repairs, upgrades, etc!  They are so excited and I am excited for them. 

Yeah for us Realtors and happy selling!!

 

I am in Melbourne, FL.
Jun 03, 2009 03:25 PM #133
Rainmaker
648,019
William James Walton Sr.
WEICHERT, REALTORS® - Briotti Group - Waterbury, CT
Greater Waterbury Real Estate

Hopefully the government finally has this thing together. Thanks for the example. Gonna reblog this for my folks up in CT.

Jun 04, 2009 11:01 AM #134
Rainmaker
97,548
Dona Reynolds
Berkshire Hathaway Home Services Stein Summers - Saint Joseph, MO
St. Joseph MO

Shelton!  Fantastic post!  Buyers in the market place need to see this in black and white as you have shown in your example.  I am going to re-blog for the buyers in St. Joseph as well.  Thanks for sharing.

Jun 08, 2009 10:45 PM #135
Rainer
20,976
J.T. Thomas
American Horizon Real Estate - Springfield, MO

That is so wonderful to see! It should be our responsibility as Realtors to help make sure that this information is available and easily understood to the general public.

Jun 11, 2009 02:43 PM #136
Rainmaker
25,597
Doreen Johan
RE/MAX Sunset Coast - Saint Joseph, MI
Sunset Coast Michigan

GOOD NEWS!  We need it we like it, our clients are "takin it to the bank".  I also have a client that filed an extension and then was thrilled at the response time in recieving his check!  GOOD NEWS.

Doreen Johan

2009 REALTOR of the YEAR

Southwestern Michigan Association of REALTORS

RE/MAX Sunset Coast www.johanrealestate.com

Jun 22, 2009 04:01 PM #137
Rainer
153,983
Sasha Miletic - Windsor Real Estate
RE/MAX Preferred Realty Ltd. - Windsor, ON

Hi Sheldon,

Congrats. Keep encourage... All the best.

 

Best -Sash

Jan 04, 2010 12:37 PM #138
Rainmaker
514,675
Russell Lewis
Realty Austin, Austin Texas Real Estate - Austin, TX
Broker,CLHMS,GRI

Hey man...why is that check from or to Austin Texas? Hmmm...IRS has a large facility here but we are a jillion miles from y'all so it must have taken longer to get it to you...oh wait...now I get it!

Jan 06, 2010 08:55 PM #139
Ambassador
662,422
Sheldon Neal
Bergen County, NJ - RE/MAX Real Estate Limited - Maywood, NJ
That British Agent Bergen County NJ

lol ! @ Russell !! Silly goose !!!!! :o)

Jan 06, 2010 09:33 PM #140
Rainmaker
514,675
Russell Lewis
Realty Austin, Austin Texas Real Estate - Austin, TX
Broker,CLHMS,GRI

;-)

Jan 07, 2010 09:31 AM #141
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Sheldon Neal

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