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$8,000 tax credit housing

To download this form click HERE

$8.000 Tax Credit Housing Forms are now available for first-time home buyers at IRS.gov. Tis’ the tax season!

This, of course, is all part of President Barack Obama’s $789 billion American Recovery and Reinvestment Act of 2009, which is a recently-approved blockbuster stimulus initiative that is expected to boost employment and jumpstart the national economy.

Providing people with financial incentives or “tax breaks” to purchase real estate is a large piece of the plan.

Therefore, the new bill provides a first-time home buyer with an $8,000 maximum tax credit (or 10 percent of the purchase price) on a purchase made before Dec. 1, 2009. It can be claimed on a 2008 (due this April) or 2009 (due next April) federal tax return and does not need to be repaid if the person resides in the property for more than three years.
In addition, first-time homebuyers who bought in 2008 (April 8 through Dec. 31) have been rolled into the equation. However, the maximum credit is $7,500 and must be paid back over a 15-year period.

For more on the $8,000 home buyer tax credit click here. Be sure to contact your personal accountant or the individual who files your taxes for additional information on how to take advantage of this limited-time money-saving offer.

February 17, 2009

How to get $8,000 tax credit for homebuyers?

President Barack Obama today put the final ceremonial touches on the $787 billion stimulus bill, which is expected to create millions of jobs and inject much-needed juice into the flagging United States economy.

We’ve been following this issue closely because it will have an impact on the housing market.

In particular, the initiative increases an existing $7,500 tax credit to $8,000. This is essentially a financial incentive available to first time homebuyers to purchase real estate. And under the terms of the new bill, the $8,000 is now yours to keep if you own the primary residence for at least three years.

So how do you take advantage of the $8,000 tax credit?

Well, as the name suggests, the credit will be issued after the home purchase and after you file your 2009 personal tax return. If the tax credit is more than the tax liability, the balance will be issued to you in the form of a check from the federal government.

Remember: This money-saving program ends on Dec. 1, 2009, and applies to homes already purchased this year.

So if you rang in the New Year under a new roof, then there is cause for even more celebration. On the flip side, if you have had recent aspirations of realizing your very own “American Dream” then there is no time better than RIGHT NOW.

Think about it: Home prices are the lowest they have been in years. And now the government is going to give you an additional $8,000 to spend as you wish on a home. That’s savings on top of already reduced real estate.

But you have to hurry because it won’t last long. This is a very unique time where all the stars have aligned to help buyers like you get into homes they perhaps otherwise couldn’t afford say just two years ago at rock bottom price.