Stimulus Bill $8000 Tax Credit

The Stimulus Bill $8,000 Tax Credit.

The word is out and the tax credit, while not $15,000, could be a boon for first time home buyers.

A first time home buyer is considered to be someone who has not owned real estate in the past 3 years. So if you have owned a home but sold it more than 3 years ago you should be good to go. Please note that the tax credit at this point can not be received until you file your 2009 taxes, next year. However, we have an inquiry into the IRS to find out if home buyers in year 2009 can amend their 2008 filing which is due by this April, and receive the credit this year.

Will keep you informed as we hear more.

Please note that this is a true tax credit and that if you do qualify for it and you keep the qualifying home for at least 3 years you will not have to pay the $8,000 back.

That is what I call a great incentive!

The qualifying purchase dates are set from January 1, 2009 through December 1, 2009. So in order to qualify you must purchase during this time period.

Their are also income limitations above which this tax credit will be fazed out. Please speak with your tax preparer to be sure you qualify for this tax credit.