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Home of the FREE FORCLOSURE lists.
Help-U-Sell Barrans Realty | (253) 862-5555
Serving the Puget Sound Region. |
Home Search in: Pierce, King, Thurston, Snohomish, Kitsap & Mason Counties
Buy a Home Now and Get Your Refund NOW! $8000 Stimulus First-time homebuyer Tax Credit If you buy a home in 2009 The President has signed and a bill that is extended to residence purchases before Dec. 1, 2009 and increased to $8,000 ($4,000 for separate tax filers). Required repayment of credit (recapture) is WAIVED unless the residence is sold or ceases to be a principal residence within 36 months of purchase. Congress recently extended the first-time home buyers credit to homes purchased before 12/01/09. The credit is refundable and is based on your filing status, the purchase price of the home, and if you qualify as a first-time buyer. The credit: - 10% of the purchase price plus certain closing costs that increase your tax basis. If a $400,000 home is purchased, the credit would be $40,000 (10% of $400,000). However, this is limited to a maximum of $8,000.
- The credit is refundable, the credit is just like withholding on your W-2 for 2009. If you owe no taxes you receive it all.
Filing status: - Married, Heads of Household and Single taxpayers are eligible for a credit for up to $8,000. Married persons filing separate returns are each eligible for a credit for up to $4,000.
Qualifying as a first-time homebuyer: - To qualify, neither you nor your spouse can have owned and lived in a home as your primary residence for three years prior to purchase. So if you buy on May 1, 2009, neither of you can have owned nor lived in a primary residence from April 30, 2006 to May 1, 2009.
Home can not be purchased from a related party: - The rules are very complicated on who is a related party to you. So, if the home is to be purchased from someone in your family or an entity that is controlled by your family, you should seek competent tax advice to see if this home will still qualify for the credit.
Recapture of credit: - If you sell your new home or if either spouse ceases to use the house as their primary residence within three years of purchase, a large portion of any credit taken will be recaptured. In our above example, if the home is sold within three years, and an $8,000 credit was taken on your 2009 tax return, you will be required to repay most of the $8,000 credit.
The credit can be claimed on a home buyer's 2008 or 2009 tax return. "For first-time home buyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit," said IRS Commissioner Doug Shulman, in a news release. "This important change gives qualifying home buyers cash they do not have to pay back." Already done your 2008 return? We can help you do an amended return to get your refund in a few weeks.
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Serving Those That Serve ... Pierce County is home to two well-known and well-respected military bases. McChord AFB is home to the 62nd Airlift Wing, its Reserve partner the 446th Airlift Wing, and hosts the Western Air Defense Sector, an Air National Guard unit; the 22nd Special Tactics Squadron, the 361st Recruiting Squadron and a number of other units. Fort Lewis Army Base is home to the I Corps, and Madigan Army Medical Center, and three of the Army's Stryker Brigades, 3rd Brigade, 4th Brigade and the 5th Brigade, all of the 2nd Infantry Division, and other units. We specialize in military relocations, and can assist you with all the details. If you have any questions, the form below only requires a first name and email address, along with your question; We will provide you all the details you need, no obligation!
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