8,000.00 First Time Buyer Tax Credit! Click any link to watch Home Buyer Video

Qualified buyers can claim a federal tax credit for 10 percent of the home’s purchase price, up to $8,000. This means someone who buys a home for $80,000 could qualify for the entire $8,000 credit. If the homebuyer owes $2,000 in federal income taxes, the credit could wipe out that tax liability, and the buyer would receive a $6,000 check from the government.

This credit is for first-time homebuyers. However, the definition of first-time homebuyer is anyone who has not owned a home in the past three years. The Internal Revenue Service announced on Feb. 25 people who buy homes before Dec. 1 can claim the credit, either on their 2008 return, if they have not yet filed it, in an amended return, if they have filed without the credit, or on their 2009 return, if they purchase later in the year.

This credit does not have to be repaid if the home remains the buyer’s main residence for three years after the purchase date. The amount of the credit phases out for people whose modified adjusted gross income is $75,000 and $95,000 for individuals or $150,000 to $170,000 for joint filers.

As always please consult your own personal tax advisor. If you do not have one we would be glad to recommend one. 

Call 206-963-5525 for Margo or email: margomba@hotmail.com Subject: Seminar This is seminar is for the Washington State Housing Finance Commission Seminar where you can receive downpayment assistance for the purchase of your home and closing costs. This is geared for the First Time Home Buyer plus learn about all the New Stimulus Plan for the 8,000.00 tax credit if you purchase your home before the end of 2009.  Apply Today!