$8000 homebuyer credit

Legislation was pass as part of the stimulus package for a new tax credit for homebuyers. The new credit is $8,000 and is a true credit that does not need to be repaid. This is much different than the previous $7,500 credit, which had to be paid back to the IRS.

As it stands now, it’s free money. This will be a great deal to take advantage of. If you’re thinking about buying, give me a call and we can discuss options.

There are a few stipulations to the credit and I’ve outlined the main ones below:

• Buyer must be a first time homebuyer
  
• Credit is the lesser of $8,000 or 10% of sales price
  
• If buyer keeps house 3 years, credit does not need to be repaid. If owner sells before 3 years is up, the full amount needs to be repaid
  
• Must purchase before December, 1 2009
  
• Income must be lower than $75,000 for filing single and $150,000 for filing jointly
  
• Credit is taken when you file your tax return