First Time Homebuyer Tax Credit?

March 18th, 2009 categories: For Buyers, For Sellers

I finally found a decent explanation of the recently passed first time homebuyer tax credit. In summary, “It ain’t a simple critter”. In other words, if you are a first time homebuyer, don’t automatically assume that you will get a $8000 tax credit. Based on an article at the Wall Street Journal on-line, plan on getting professional tax advice to confirm if and how much of the tax credit you may or may not qualify for.

“But Congress made the homebuyer-credit fine print so devilishly tricky that many Americans are likely to have to pay an expert for help in deciphering it. “We’ve had numerous calls because people are confused,” says Claudia Hill, owner of Tax Mam Inc., a Cupertino, Calif., tax-services firm. “The problem is when things are this complicated, many people don’t get the benefits that Congress intended for them.”
CLICK HERE TO READ THE WSJ ARTICLE

Beware of the following.

1. There are limits on the amount of money you can earn and still qualify for any of the tax credit.
2. The amount of the tax credit could vary, depending on the date you purchased.
3. If you move out too soon you could end up having to pay it back.
4. If you purchased in 2008, you may qualify for some of the credit.

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If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.

This entry was posted on Wednesday, March 18th, 2009 at 10:22 am and is filed under For Buyers, For Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.