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Blog Entry 22 of 22 Tim and Stephanie your local Real Estate Experts!
Thinking about buying or selling? Weighing your investment options? Or does Real Estate in general interest you? Welcome to our blog! Two Real Estate agents with experience in all facets of residential, as well as some commercial Real Estate thrown in for good measure, make us your local experts. We can answer your questions, discuss things that interest you and hopefully help you at the same time. We are one of the Southtowns top Real Estate Teams with properties all over Western New York. Whether you are in the market or not we want to hear from you. Please email us your questions, comments and concerns. Let us know what you would like us to talk about!

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A Tax Credit? For Buying A House?

Contributed by: Tim Domanski & Stephanie Djaballah   on 1/2/2009

Daily Real Estate News |December 29, 2008 |
Home Buyer Tax Credit: How It Works

First-time homebuyers in 2008 can take an income-tax credit on their purchase, thanks to passage in Congress earlier this year of the first-time home buyer tax credit.

The definition of first-time homebuyer is generous. To get the credit, the homebuyer cannot have owned a home in the previous three years. The home must be a principal residence and purchased between April 9, 2008 and July 1, 2009.

The credit is equal to 10 percent of the purchase price, up to $7,500. Single taxpayers with modified adjusted gross income up to $75,000 and couples with MAGI up to $150,000 will qualify for full credit. Singles with MAGI up to $95,000 and couples with MAGI up to $170,000 will get a reduced amount. Those with higher incomes don't qualify.

If the amount of tax a homebuyer owes is less than the amount of the credit, they get to keep the difference in the form of an IRS refund.

The homebuyer must begin to repay the credit in two years in increments of about $500 a year over a 15-year period for those who received the full credit

Homebuyers who sell their home before the credit is repaid must pay off the loan with any profits. If they sell the home at a loss, the loan is forgiven.

[Editor's Note: The credit is set to expire in mid-2009, although industry groups, including the NATIONAL ASSOCIATION OF REALTORS®, are encouraging Congress to extend it. NAR is also encouraging Congress to make the credit available to all buyers and to eliminate the repayment requirement. More detail on how the credit works is available from NAR on REALTOR.org.]

Source: Chicago Tribune, Mary Umberger (12/28/2008)

Wow. Cool.


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Showing 1 of 1 comments
Submitted By: Deanna Russo
posted on 1/6/2009 @ 9:51:21 AM
Rated Blog Entry
Good information! Stephanie, how about a blog discussing the pros and cons for selling your house in the winter?
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CONTRIBUTOR INFO

Tim Domanski & Stephanie Djaballah has posted 22 blog entries and 3 comments since joining on 6/14/2007. Tim Domanski & Stephanie Djaballah's average blog rating is 4.2.
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