How do I know if I Qualify for the Home Buyer Tax Credit?

By
Real Estate Agent with Coldwell Banker Preferred Properties

It is very easy to qualify for the tax credit.  Anyone who has NOT owned a home in the last 3 years can qualify for the tax credit.  When you want to buy a home, you must qualify for a loan (unless of course you are paying cash) but if you can qualify to buy a home, the tax credit is YOURS.  Do nothing NOW; in January when you file your 2009 tax return, you get the form for the credit and attach it to your return.  Great House for 1st Time Home Buyer

The tax credit is equal to 10% of the price you pay for the house, up to $8000.  They call it the $8,000 tax credit because most of the homes in our city are over 80,000. If you pay only $60,000, your credit will be $6,000. This first townhome is on sale for $79,900.  Click here for more info on this home.  Your tax credit for this one would only be $7,990.

Great Home for Sale 1st Time Home BuyerHere is another great home for sale.  This one is a house with a nice fenced backyard that is on the market for $109,900.  Click here for more info on this great property.  Since there is a cap of $8,000 on the credit, then 8K is all you would get.

Remember, this is actually a tax CREDIT.  So if you owe 8,000 in taxes, you will pay -0-.  If you only owe $4000, then you will get $4000 back.  It's that simple.

Both of these are good choices and there are many, many more. This is a great time to buy a home. What could you do with an extra 8K next year???

 

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Topic:
Home Buying
Location:
Alabama Jefferson County Birmingham
Tags:
1st time home buyer tax credit

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Anonymous
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Rainmaker
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Kari A. Battaglia
Venice FL Realtor - RE/MAX Alliance Group
RE/MAX Alliance Group

Great info.  You should also let consumers know that the time to buy is now as the deadline to close is rapidly approaching.

September 27, 2009 04:24 PM
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Rainmaker
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Toni Bird

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