Confused About First Time Homebuyers Tax Credit?
March 24th, 2009 categories: Beckett Ridge, Real Estate Buying, Real Estate News
The lastest flurry of bills passed in Washington has left many buyers (and realtors) somewhat confused.
The most important is the: Homebuyer Tax Credit – The bill provides for a $8,000 tax credit available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser’s income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
If you have questions about your eligibility-contact a reputable lender (or in the case of bankruptcy you may want to contact your attorney) to discuss the details. In addition to the Federal Tax Credit many, many local municipalities within the greater Cincinnati real estate market are offering additional incentives…which is why you need to work with a lender with knowledge of the local market .
Other Sources of Information: IRS information, John Matarese Report, National Association of Realtors “Frequently Asked Questions”
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[...] about $50 billion. “The bond market is focusing more on the balance sheet and the bogeyman Confused About First Time Homebuyers Tax Credit? – thecincyblog.com 03/24/2009 The lastest flurry of bills passed in Washington has left many [...]