$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-Bloggged 44 times:

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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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Rainmaker
25,597
Doreen Johan
Sunset Coast Michigan
RE/MAX Sunset Coast

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

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

Hi Sheldon,

Congrats. Keep encourage... All the best.

 

Best -Sash

January 04, 2010 12:37 PM
Rainmaker
503,080
Russell Lewis
Broker,CLHMS,GRI
Realty Austin, Austin Texas Real Estate

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!

January 06, 2010 08:55 PM
Ambassador
650,152
Sheldon Neal
That British Agent Bergen County NJ
Bergen County, NJ - RE/MAX Real Estate Limited

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

January 06, 2010 09:33 PM
Rainmaker
503,080
Russell Lewis
Broker,CLHMS,GRI
Realty Austin, Austin Texas Real Estate

;-)

January 07, 2010 09:31 AM
Anonymous
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Sheldon Neal

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