$8000 First-Time Home Buyer Tax Credit - Time is Running Out
Posted by Portland Real Estate Cafe on Tuesday, October 6th, 2009 at 12:43pm.
You can still beat the deadline to use the $8,000 first-time homebuyer’s tax credit on a purchase this year. But you have to act fast, so get your plans going today. Don’t throw away a free $8,000 gift from of the U.S. government!
There are only 35 days or so left before the Dec. 1st, government-imposed deadline for the first-time homebuyers' tax credit. There is some talk around the country of extending the program, but nothing has happened on that front yet.
So how can you get in on the action? There’s no time to waste. You need to act fast!
What is it? The $8,000 first-time homebuyer’s tax credit was part of the stimulus package Congress passed early this year.
Who qualifies? Those who have not owned a home during the past three years and meet certain income limits, you’re eligible for the tax credit. According to the Internal Revenue Service Web site, the credit can amount to either 10% of the purchase price of the home, with a maximum available credit of $8,000 for either a single taxpayer or a married couple filing a joint return, but only half of that amount for married persons filing separate returns.
Do you have to pay it back? As long as you don’t sell your home for 36 months after you buy it, you won’t have to repay the credit.
How can you get the money? For those who qualify, you can get the $8,000 by filing an amended tax return or waiting until you file your 2009 taxes.
Not a bad deal! But since some home loans can take up to 45 days to close, you need to get the ball rolling now.
Let us help you find that home and beat the clock. If you are overwhelmed with the current inventory of homes, we can help you weed through the excess and find you the home that fits your needs.
Our agents are active throughout the Portland metro area with buyers and sellers, so we are on top of the market. Let us know what you are looking for and we can find it. Contact us today!Share
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