Tax Credits For Home Buyers
They are not just for First Time Home Buyers any more.
Missed out on Cash for Clunkers? Congress has another deal for you: Buy a home before May 1 and collect up to $6,500 from the government. If you're a first-time homebuyer, get up to $8,000.
First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package. But with that housing program scheduled to expire at the end of November, the federal government has extend it into the spring — and to expand it to many people who already own homes.
Buyers who have owned their current homes at least five years would be eligible, subject to income limits, for tax credits of up to $6,500. First-time homebuyers — or people who haven't owned homes in the previous three years — could get up to $8,000. To qualify, buyers have to sign purchase agreements before May 1 and close before July 1.
The credit is equal to 10 percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers and $6,500 for others. The credit will however phaseout for taxpayers earning over $125,000 ($225,000 for your married couples filing jointly), and the purchase price of the home cannot exceed $800,000.
Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.
How many times have you talked back to your television set while watching the news and said; "where's my bail out?" I can show you how to get it. Fill out the form below and receive a free list of homes that qualify for your $ 6,500 or $8,000 bail out. For best results be sure to tell me about the features you require in your next home.