$6,500 Housing Tax Credit -

--> Information about $6,500 Housing Tax Credit <--

 

 

8k Tax Credit for housing:

Note: California $10,000 additional tax credit

NOTE: Proposed $10,000 www.MITaxCredit.com <-- for more information

 

Provisions of the Economic Stimulus Bill:

Time frame to buy? - By December 1, 2009 (close on the sale).

First-time home buyer? - A buyer who has not owned a home for three years.

Married first-time buyer? - Both buyers have not owned a home for three years.

Claim tax credit? - Claim the tax credit on your federal income tax return.

Other form or forms? - No other form except your federal income tax return.

Credit limits? - Single $75,000, Married $150,000.

Building a custom home? - You qualify, but you have to occupy the home by Dec. 1, 2009.

Buying a new home? - You qualify, but the settlement day has to be by Dec. 1, 2009.

Tax credit pay back? - You are not required to repay except for certain conditions.

Access the tax credit now? - Change your withholding numbers.

Mortgage Revenue Bonds? - Allow tax credit home buyers to participate.

Loan credit? - State housing finance agencies to help buyers at closing by  advancing the credit amount as a loan.

Payback provisionst? - It is a ture credit. It does not have to be repaid. The only repayment requirement is if the home owner sells the home within three years of purchase.

Income above limits? - Single $75,000 - $95,000 and Married $150,000 - $170,000 are eligible to receive a partial tax credit.

Income max? - Single $95,000 and Married $170,000 exceeds the modified adjusted gross income.

Tax credit refundable? - If you pay less that $8,000 in federal income taxes, the government will write you a check for the difference.

-Example: You owe $6,000 in taxes, you would receive $2,000.

-Example: You have a credit due of $500, you would receive $8,500

 

 

Extend and Expand Tax Credit:

Congress must hear from you. The $8,000 Housing Tax Credit for first time home buyers, will expire on November 30th of this year. Let your Congressmen and Senators know how you or a family member has been helped by this tax credit.

After you purchased your home, did you buy new landscaping, paint, flooring, cabinets, carpet, furniture or other furnishings for your home? Please take the time and write or e-mail your members of Congress and let them know how this tax credit has helped your family.

This tax credit has been a benefit to home buyers and sellers, realtors, builders, manufactures and everybody connected to housing. The Housing Stimulus $8,000 Tax Credit for first time home buyers is helping people and families realize the dream of home ownership.

Take the time and spread the word about on how the $8,000 Housing Tax Credit.

 

 

More information about the Economic Stimulus Bill

President Obama signed the Economic Stimulus Bill in Denver that has the $8k Tax Credit for first time homebuyers.

 

The House, Senate & President:

The House and Senate voted and sent the Economic Stimulus Bill to President Obama. He will be in Denver, Colorado on Tueday, February 17th and will sign the $787 Billion Economic Stimulus Bill. Part of the stimulus bill will include the $8K Tax Credit for first time homebuyers. The $8,000 housing tax credit will be a great help for first time homebuyers and will help the housing market as well.

This is a great time to buy a home, condo or townhouse with the new $8,000 housing tax credit. This is available for first time home buyers, if you buy before December 1, 2009. If you every wanted to buy a home, now is the time.

With the current low interest rates and the bargains available with discounted and foreclosures that have not been seen in years, this is the best real estate opportunity in the last 25 years. The last time prices on homes, condos or townhomes were this good, was in the early 80's.

Now is time to act with bargain level prices on real estate that might now start to increase because of new demand that will be generated by the $8,000 housing tax credit and low interest rates.

The full details of the $8,000 housing tax credit and how it applies will be available soon. Information about the bill will be updated on www.HousingStimulusPackage.com and www.8kTaxCredit.com as we learn more about the Eight Thousand Tax Credit for first-time home buyers.

One of the key new items of the $8K tax credit is the repayment requirement has been removed, unlike the $7,500 tax credit.

Along with a $8,000 housing tax credit for housing, there are other provisions that will help other housing issues. Please check back for more details.

 

For more information about the $8,000 Housing Tax Credit

for 1st time-home buyers - please click on USA map.

 

 

 

 

 

Disclaimer - The information on this website is for general purposes only and you should seek professionals in buying a new home. The federal tax credit or other tax benefits information should be reviewed with your accountant or other professionals. The information is presented with no guarantee of the total or correct information on the subject.