Tax Credit Available for First Time Homebuyers
If you are a first time homebuyer, what are you waiting for? Interest rates are at an all time low, there are an abundance of homes to choose from, and the sellers are motivated. And last but not least…the new stimulus bill will allow you to claim a credit worth $8,000, or 10% of the home’s value, whichever is less on your 2009 taxes. The tax credit of not a loan and does not require repayment provided you on the home for 3 or more years.
This tax credit reduces the buyer’s tax liability, and if the buyer’s tax liability is less than $8,000, the remaining credit will be issued as a check. For example, if your total tax liability came to $6,000, but you had $7,000 withheld from your payroll, you would normally receive a $1,000 refund. With this credit, your refund would total $8,000.
To qualify for the credit, the home must be purchased between Jan. 1, 2009 and Nov. 30, 2009. You must be a first time homebuyer (or have not owned a home for the past three years to qualify as “first time” buyer). You must live in the home for at least three years, or you will be obligated to pay back the credit.
In addition, there are income restrictions: To qualify, you must make less than $75,000 if you are single or $150,000 for a couple. (Higher-income buyers may receive a partial credit.)
You will apply for the credit on your income tax return. No other forms or paperwork have to be filed.
At the present time we live in Schalamar Creek Cluntry Club, on hwy 92 in Lakeland, Fl. which is a manufactured home community.
We pay rent for our lot but own our home. We have been here for 21 years.
We do not own the land and pay no taxes in our names.
Would we qualify for the $8,000.00 tax credit since we have not owned a fee simple home for 21 years?
If so we might be interested in buying a new small stick built home in Lakeland.
You may call me Monday 4/20 at my job from 9:30 am to 4:45 pm if it would be more convenient for you at 665 7600.
Don Wilkinson
4623 Arlington Park Drive