The door to your U.S. government gift of $8,000 is about to close. The federal housing stimulus program based on a tax credit for first-time home buyers expires November 30, 2009. Don’t confuse this with a tax deduction, which simply reduces the total income on which you must pay tax. This tax credit is subtracted dollar for dollar from the income taxes you actually owe. So, if you owe $6,000 in income tax, you end up paying NO income tax AND you get a check from the Internal Revenue Service for the remaining $2,000. There has never been a program like this, but your window of opportunity to take advantage is rapidly closing.
Nevertheless, if you move quickly, you still have time to contact one of Dream Town Realty’s residential specialists, choose the new home of your dreams, negotiate a great deal, obtain a mortgage at unheard-of low rates, and close your purchase before November 30. You have only to be a first-time home buyer, or an individual who has not owned a home for at least 3 years. You can take advantage of the tax credit by filing an amended 2008 return and receiving a check from Uncle Sam, or can apply the credit to your upcoming 2009 tax return. $8,000 is huge, so don’t let the door slam in your face. Contact one of our experts today.
Posted at 10:13AM Sep 25, 2009 by Bob Billimack in Buying Comments[0]
