Hello Bloggers – thanks for stopping by today. I spent a few minutes with Scot Fitzgerald on WPTF’s morning show this a.m. and the talk was about the $8k tax credit. The history on this current law began in 2008 when the Fed rolls out a $7500 tax credit. The 2008 tax credit did give an immediate credit for qualifying home buyers. Unfortunately, the credit was really a tax free loan. A little benefit maybe, but who is seeking additional debt in today’s world?
In 2009, this weak adventure in stimulating the real estate market turned to a true asset. The Feb began offering an $8000 tax credit for home buyers that have not owned a home in the past 3 years. There are income qualifications. A single tax payer may earn up to $95,000 and still qualify and a married couple may earn up to $150k with declining benefits up to a joint income of $170,000. To qualify, the home buyer must live in the principle property for 36 months. If they fulfill this 36 month principle residence, they DO NOT HAVE TO REPAY the tax credit. If you happened to have bought a home last year during when the $7500 tax free loan was in effect, you can simply fill an amended tax form.
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One other advantage we talked about this morning was the additional $2000 tax credit that many if not most of our first time home buyers qualify for in addition to the $8000. My math may not be the best, but I can figure a $10,000 bonus when I see one! Please, if you know anyone that hasn’t owned a home in 3 years – tell them about this benefit – the time is running out. Will the Fed extended. I hope so, but Washington is a little busy these days. The program may not be the same. The Fed may revert back to the loan status, who really knows! Right now, $10,000 is possible to many buyers that qualify to buy a home today.
Interested in what was said on the radio? Click here to listen!
Stop by again soon, God Bless you and yours.