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$8000 TAX CREDIT for FIRST TIME HOMEBUYERS!

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LindaP777 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote LindaP777 Quote  Post ReplyReply Direct Link To This Post Topic: $8000 TAX CREDIT for FIRST TIME HOMEBUYERS!
    Posted: Apr 12 2009 at 10:12pm
A "must" for all first time home buyers!!!
The idea behind it is to reduce the amount of your tax with holding, now, you'll have $8000 saved up for a down payment at closing. Then when you file your taxes, you get up to $8000 tax credit!

http://www.federalhousingtaxcredit.com/
$8,000 First-Time Homebuyer Tax Credit
As Modified in the American Recovery and Reinvestment Act

EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
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Amount of Credit
Lesser of 10 percent of cost of home or a maximum of $8,000.
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Eligible Property
Any single-family residence (including condos) that will be used as a principal residence
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Refundable
Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser. Refunded to purchaser by check or direct deposit.
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Income Limit
Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out gradually above those caps to $95,000 and $170,000.
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First-time Homebuyer Only
Yes. Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase date.
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Revenue Bond Financing
Purchasers who utilize revenue bond financing can use credit.
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Repayment
No repayment for purchases on or after January 1, 2009 and before December 1, 2009
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Recapture
If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
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Termination
November 30, 2009 is the final date you must close by to claim the tax credit
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Effective Date
All revisions are effective as of January 1, 2009
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IRS Form
The IRS requires Form 5405 (First Time Homebuyer Credit) to be filed with your Federal Income Tax 1040 form to claim the First-Time Home Buyer Tax Credit. The same form is for those taking the 2008 or 2009 version, and can be used toward 2008 or 2009 taxes. If you have already filed your 2008 taxes, use IRS Form 1040X along with Form 5405 to Amend your 2008 tax return. For amendment questions and how to use Form 1040X, see Instructions for Form 1040X. If you already received the $7,500 First Time Home Buyer Tax Credit for a home purchase in 2009, use these same forms to receive the additional $500.

http://www.RentFromLinda.com/
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LindaP777 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote LindaP777 Quote  Post ReplyReply Direct Link To This Post Posted: Apr 12 2009 at 10:13pm
State of Ohio is also giving loans on the tax credit so buyers are able to access a portion of those funds now and repay it back to OHFA after they do their taxes. It is called the Homebuyer Tax Credit Advantage program. Info can be found by goin to www.ohiohome.org
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