Author: Davina
Website: http://flgreenliving.com/blog/2009/02/18/this-just-in-8000-t…
Imagine this: buy a home today, and get an $8,000 tax credit in a few weeks! Yesterday afternoon, President Obama passed the first-time homebuyer tax credit that is part of the $780 billion stimulus package. This time around, it is an ACTUAL tax credit and not a deduction. It comes with a few rules, though:
-The deduction is worth 10% of the home’s value- up to $8,000.
-Income limit to qualify: modified adjusted gross income (MAGI) should be under $150,000 for married couples and single filers’ MAGI should be less that $75,000. Partial credits may be available for those with slightly higher incomes.
- The tax credit only applies to homes purchased between January 1, 2009 and December 31, 2009. After that, you are out of luck!
-Providing the homebuyer keeps the property for at least 36 months and resides in the home, the tax credit does not have to be paid back.
- To qualify as a first-time homebuyer, the purchaser cannot have owned a home within the previous three…
(Read the rest of this article at the following article source link for the full story)
For more information click the following article source link for the full story:
http://flgreenliving.com/blog/2009/02/18/this-just-in-8000-t…