Hello all you first time home buyers in Viroqua, WI and across Vernon County. This is what a refund check can look like if youbuy a first home before December! It's money you can spend on the home, put in the bank and save it, or pay down the mortgage. If you are a first time home-buyer, give mecall to find out what homes are available that will meet your needs and qualify for this First Time Home Buyer tax credit.
This is an actual check from one of my First Time Buyers who bought a home last month, and immediately filed his 2008 tax return - which he had already filed an extension for - and this week received the above check !
... before his home purchase, his return was going to give him a refund of approximately $4,000 !!!! ... as you can see, he qualified for the tax credit, and received $8,000 additional dollars from the government for buying his home.
@@@ FOR FURTHER INFORMATION - BE SURE TO CONSULT YOUR ACCOUNTANT TO SEE IF YOU CAN RECEIVE THIS YOURSELF @@@
Per the IRS.gov website, you may qualify to receive this credit if you meet the following qualifications:
"... qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.
The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.
For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase."
The credit itself:
- Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
- Applies only to homes used as a taxpayer's principal residence.
- Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
- Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
So if you were considering buying a home this year - be sure to talk to your accountant as you may also qualify to get $8,000 extra dollars for buying your first home !
ALSO: Be sure to check out a post from respected Loan Officer Jeff Belonger explaining how you may be able to receive an 'up front loan' for this credit to use towards closing costs or additional downpayment over your mandatory 3.5% payment on your FHA loan !
@@@PLEASE NOTE: ALL INFORMATION ABOVE DEEMED RELIABLE PER THE IRS.GOV WEBSITE, HOWEVER IS SUBJECT TO CHANGE AT ANY POINT ON ANY DAY ! - CONSULT YOUR TAX ACCOUNTANT BEFORE EXPECTING ANY PORTION OF THIS CREDIT.
@@@@ UPDATED: BELOW IS THE FORM NEEDED TO FILE FOR THIS CREDIT IF YOU QUALIFY - YOUR ACCOUNTANT SHOULD HAVE IT AND WALK YOU THOUGH IT ! GOOD LUCK !
Mary
Cool posts; this is really a great way for buyers to see how real this is and go buy a home in Viroqua with Mary Strang. I am traveling up your ways in August. I will call to see if you are in your office when I do.
Hi Tom, that would be very nice, stop by! The post was re-blogged 25 time or more, it was post originally by Sheldon Neal of NJ, he made a lot of points on this one...
Yup Yup...buying a house IS not just "like" money in the bank...it REALLY IS....and as the very old saying goes...seeing is believing...and then too saving is wonderful...blog on Lady and consider yourself re-blogged !
Have I heard correctly that one can now use the $8,000 as a down payment? That seems to be the word going around everywhere.