Wish you all had a very Merry Christmas! There are only 3 days left in 2008. Did you have your resolutions ready for the new year? If not, do it quickly before time runs out!
For the first time home buyers, here is one great news for you from The Housing and Economic Recovery Act of 2008. You still have 6 months to take advantage from this act before it ends.
Features of this $7500 Tax Credit for First-Time Home Buyers include:
~ Ten percent of cost of home, not to exceed $7500.
~ Portion (6.67 percent of credit) to be repaid each year for 15 years. If the home is sold before 15 years, then remainder of credit is recaptured on sale.
~ Any single-family residence (including condos, co-ops) that wil be used as a principal residence.
~ Reduces income tax liability for the year of purchase. Can be claimed on tax return for that tax year.
~ Full amount of credit available for individuals with adjustd gross income of no more than $75000 ($150,000 on a joint return). Phases out above those caps ($95000 and $170,000, respectively).
~ Purchaser (and purchaser’s spouse) did not own a principal residence within the last three years before this purchase.
~ Thd tax credit phases out for a taxpayer with a modiufied adjusted gross income of no more than $75000 (or $150,000 for joint returns)
~This tax credit is available for qualifying homes purchased from April 9, 2008, through June 30, 2009.
*From California Real Estate Magazine.
*For details, please consult your tax advisor
Tags: home buyers
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