Robin Hauck, M.S., M.C.J., B.A., A.A., GRI, Broker, REALTOR, US Army (Ret.)
(254) 742-1466, (800) 488-7388 I help people buy the home of their choice, often at a price below the asking price. Then I find them a NO Down Payment Home Loan at the lowest interest rate. Our professional BUYER'S AGENTS represent you for Free! We negotiate the very lowest price and best terms for our buyer clients. That means that we willingly accept a smaller paycheck because our pay is usually based on a percentage of the selling price. But we don't mind getting a little less because all of our clients become rabid fans and can't help but refer their friends and relatives to us when it's time to buy, sell, or finance any home. Our happy clients and their referrals mean much more to us than the money we would get if we did business in the customary way. We invite you to do business with us concerning the purchase, sale, finance, or refinance of any property anywhere in North America! |
Home-buying made Easy! FREE details of listings (below), FREE loan application! (800) 488 - 7388 or (254) 742-1466 for more Info.
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International Realty Plus, REALTORS
1227 South 31st Street Suite 100 Temple, TX 76504 (254) 742-1466 (800) 488-7388 (254) 742-1494 Fax robinhauck@aol.com
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> BUYERS! THE ADVICE HERE CAN BE WORTH THOUSANDS OF DOLLARS TO YOU!!!!!!!!!!! How does $8000 home buyer tax credit work?
In order to understand the details of the housing stimulus bill or $8000 home buyer tax credit (also called as $8000 housing tax credit) as a first time home buyer you need to understand the following six important points. What does first time home buyer exactly mean? -The law defines "First time home buyer" as a home buyer who has not purchased a principal residence for the last three years. For married tax payers, both the home buyer and his/her spouse must fit this criterion. Even non resident aliens who are not US citizens may qualify for this tax credit. Dates of home purchase - In order to qualify for the home buyer tax credit, the first time home buyer must purchase the house between January 1 2009 and December 1 2009, both dates inclusive. How much tax credit will homebuyers get? - Although this tax credit is referred to as $8000 housing tax credit, remember that the total amount of tax credit a home buyer gets is equal to 10% of the purchase price of the new house upto maximum of $8000. Thus in order to get a full tax credit of $8000 your purchased property must be above $80,000 in value. Income Limits for $8000 home buyer tax credit: First time home buyers with modified gross annual income of $75,000 get full benefit of this housing tax credit. The tax credit is gradually reduced for those with income between $75,000 to $95,000 and finally a home buyer gets no tax credit if his/her modified gross annual income is more than $95,000. For married taxpayers, the home buyer tax credit is gradually reduced to zero for modified gross annual income between $150,000 to $170,000. This is a Refundable Tax Credit - Remember that this is a tax credit and not a tax deduction. That is qualified first time home buyers deduct $8000 from their total tax owed to the IRS and NOT the total taxable income. Moreover a refundable tax credit means that in case the total taxes you owe to the IRS are less than $8000, you can actually get a refund for the balance amount! This $8000 home buyer tax credit, unlike $7500 tax credit does not need to be repaid to the IRS - the earlier $7500 housing tax credit was essentially an interest free loan which the home buyers needed to repay in 15 years. However, although this $8000 home buyer tax credit may look only $500 more than the previous housing tax credit, it is all yours! No need to repay it to the Federal government. Contact Robin Hauck, GRI, Broker, US Army (Retired) at (254) 742-1466, (800) 488-7388, (254) 742-1494 (FAX), or email information request to robinhauck@aol.com. |
