First-Time Home Buyer Tax Credit Program: Ending December 1, 2009
July 17th, 2009 categories: Buyer Strategies, Mortgage & Finance
Home buyers in Chantilly and Centreville area wanting to take advantage of the first-time buyer tax credit should be aware that the clock is ticking its way down to the deadline.
The program expires December 1, 2009.
Remember too that you have to allow for a 60 or so day time frame from contract to closing. That scenario would give you a little over 70 days from now to find that home.
The program allows for a tax refund of up to $8,000….a lot of money by any standard, and especially in the current environment.
There are qualifiers. They include:
- The buyer may not have owned a primary residence in the past 36 months
- Can’t purchase the property from family member
- The household adjusted gross income must be below $95,000 for single tax filers and $170,000 for joint tax filers
Also to know, the tax credit itself is limited to $8,000 or 10% of the purchase price, whichever is less.
Something else to remember is the fact that this is a true tax credit — not a deduction. For example, a taxpayer owing $8,000 to the IRS and claiming the $8,000 First-Time Home Buyer Tax Credit would not owe the IRS a thing on April 15, 2010.
Yes…it is a good deal. If you want details on it you can take a look at the list of criteria on the IRS website.
And of course, if you are in the Chantilly or local area, or moving into the area, let me know if you have any questions. We are always here for you.
PS: If you want to take a crash course on buying your first home, just go to our VIDEO CENTER and scroll down to “Buying Your First or Next Home.” You will learn how to make the buying experience work for your best interest. It is free with immediate access.
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