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$8,000 Tax Credit Has Been Extended!!! Act Now!!... Ask us anything. There are no dumb questions! It's FREE, and we promise to get back to you quickly...
 Do you Know of anyone that either is a first time Home Buyer or has not owned a home within the last 3 Years.. Please read below.. We can help.. Call Us 404.429.9611
$ 8,000 Refundable Tax Credit for First Time Homebuyers - Good for closings through November 30, 2009! First-time homebuyers should begin planning now to take advantage of a tax credit included in the recently enacted American Recovery and Reinvestment Act of 2009, commonly referred to as “the stimulus bill”.
The Credit Applies to home purchases on or after January 1, 2009 and before December 1, 2009. The credit is equal to 10% of the purchase price of the home up to a maximum credit of $8,000.00 Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar. Is fully refundable, meaning that the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax that they owe.
First-Time Homebuyer and Qualifying Home A taxpayer is considered a first-time homebuyer if he/she had no present ownership interest in a principal residence in the United States during the three-year period prior to the purchase of the home to which the credit applies. Thus, a prior owner of real estate may qualify if the three-year test is met. If a taxpayer owned a vacation home but not a primary residence within the last three years the taxpayer will be eligible for the credit if purchasing a primary residence.
When and How to Claim the Credit Eligible homebuyers may claim the credit on their 2008 income tax return for qualifying purchases in 2009. Thus, in certain cases, one may be able to get a refund of the credit shortly after the purchase closes.
Income Limits The credit is phased out based on your modified adjusted gross income (MAGI). MAGI is your adjusted gross income adjusted for various amounts excluded from income—for example, certain foreign income. For a married couple filing a joint return, the phase-out begins at $150,000. For other taxpayers, the phase-out begins at $75,000. This means the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less
Credit Recapture The credit for new homebuyers is recaptured if the home is sold within three years of the date of purchase. Exceptions will be made in certain cases such as sales that occur because of death or divorce.
If you or someone you know may qualify please feel free to contact me. Or please pass this along to your friends, family and co-workers so they can take advantage of buying a home before the November 30th deadline.
Your recomendation to others of my professional services are always appreciated !
MasonPasley.com Ryan Pasley & Joanne B. Mason The Mason Pasley Group Ranked #1 Keller Williams Consultants 2008
Keller Williams Realty Consultants www.MasonPasley.com
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