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$ 8,000 Tax Credit on Houston Texas area homes.
(Limited Time Benefit)

Please read this disclaimer first!

N
o information given here is to be construed as Tax Advice.  You should refer to the IRS at www.IRS.gov  or contact your tax advisor or CPA or Tax Attorney for professional advice as to your particular situation. As always, this article is intended to be accurate but is not intended to replace tax advice from a competent professional.

Foreclosure Home sales will be up because you can use new Tax Credit to help with the purchase so this will increase sales.

Prospective first-time home buyers who have been sitting on the fence now have a significant financial incentive to explore the opportunities available in today's housing market and should first consider purchasing a Foreclosure Home because of the double benefit.  The $8,000 tax credit plus the discounted prices of the foreclosure homes.

 $8000 Home Buyer Tax Credit Basics

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

 

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

 

Who Qualifies?

 

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

 

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

 

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

 

How Much Will the Credit Be?

 

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

 

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He / She Still Get a Credit?

 

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

 

Will the Tax Credit Need to Be Repaid?

 

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

 

 
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The following are companies that are also members of the Houston Association of Realtors and we have arrangements to Co-Op with:

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