Grab 8000 Follars In Free Money! |
The first time home buyers tax credit is a great opportunity, not just for Stratford CT home buyers but for home buyers across the country.
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What makes the $8000 tax credit so great is that unlike the $7,500 tax credit done last year, the 8k credit does not need to ever be paid back. It’s totally free money!
Here are four more facts you should know about the 2009 home buyers tax credit that first time home buyers here in Stratford must take advantage of:
- The credit is worth either 10% of the homes value or $8,000. You are entitled to the less of the two.
- There is an income limit of $150k adjusted gross income for couples and half that for those single home buyers.
- If you are married but file separately you can each file for half of the tax credit.
- The 8000 dollar tax credit applies to purchases from January 1 to December 31.
If you have any other questions about the first time home buyers credit use the comment box below. I’ll answer all of your questions here on this page.
I’m available to help anyone looking for a house in Stratford and the surrounding areas. There’s also a second half to this blog post coming in the next few days where I will outline five more important facts about the $8000 tax credit.
Stay tuned and happy home hunting,
Scott
P.S. – I’m getting a lot of questions from you guys about the tax credit by email. I’ll be answering many of them in upcoming posts so don’t forget to subscribe to the RSS feed.
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Ericka,
You have to qualify as a first time home buyer and unfortunately you will not, as you already know. You’re daughter may still qualify. This is a grey area that I am not sure about. Another question for a professional.
I closed on my house Nov. 16th, 2007. My first payment was due Jan. 1st, 2008. I never received (or even knew about) the $7500 tax credit. Now with the talk of the $8000 tax credit, I’m wondering if I qualify for this credit? If so, what do I have to do (paperwork/forms)? If not, do I qualify for any other credits? I’ve been thinking about this for months and it’s frustrating to think that I may have bought 2 months too early- Any help on this would be greatly appreciated-
Hi! My wife and I are newlyweds and are going to be building a brand new house with a local builder. They claim that I can get the $8000 tax credit back with only a signed contract BEFORE I even close. This way I can “buy down” the interest rate. Isn’t this borderline fraud? I don’t even own a house at this point.
Hi Kent,
It’s so easy to get out of a signed contract in real estate. I still have not met one person who has pulled off getting the 8000 dollar tax credit without closing on a home. Stories like this scare me a bit. Maybe they know something that I don’t.
Unfortunately you have missed the boat on the 8000 dollar tax credit. They have clear guidelines over which you qualify for depending on the closing date. If you qualify for the 7500 dollar tax credit than that is still good news. Now as good as 8000 but still pretty darn good.
i missed the 3 years by two months can i stll get the tax credit
Hi Mike,
Sorry but no. The federal government is very strict about this.
CAN I GET THE 8000 TAX CREDIT IF I BUY MY HOME FROM MY DECEASED NOTHER;S LIVING TRUST?
Hi there! Are you entitiled to the credit if you purchase a home from a family member?
Hi Christine,
Yes you still qualify for the credit if you buy from a family member.
If you buy a For sale by owner home do you still qualify for the tax credit?
If your a first time home buyer I se no reason that you wont qualify for the 8000 tax credit even if you buy it from your deceased Moms trust.
Hello Jodi,
Yes, very much so.
WHEN IS THE REAL DUE DATE FOR THE $8000 TAX CREDIT FOR BUYING HOUSE? SOME SAYS JULY 31ST, SOME SAY DEC. 1ST, AND SOME SAY DEC. 31ST. WHICH IS THE REAL ONE?
Hi Leena,
Dec 1 is your date. Plenty of time still for the tax credit but don’t wait too long.
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