.........because your move matters.
Buying your first home is an exciting step to be taking. This important decision can be quite overwhelming for those with no experience in buying real estate. My goal is to be a resource for anyone thinking of owning a home. Many of you who are considering buying your first home may find that you are feeling confused and frustrated. Don’t get caught in the trap of being uninformed and unprepared. As in most cases, knowledge is power, and real estate is no exception. Let me help you educate yourself and get properly prepared, so you can have a home buying experience that will be enjoyable instead of stressful.
As a first time home buyer, you need the help of an agent who will take the time to make sure you completely understand all aspects of the home buying process. Someone who will give you the information you want, the advice you need, and the opportunity to make your own decisions. As a First Time Home Buyer Specialist, I have helped many renters successfully move up to become home owners. How can I help you? Let's get started.
.........because your move matters. Contact me now!
Homebuyer Tax Credit - Buy a Home, Get a Tax Break!
Tired of trying to figure out what is going on with the tax credit for home buyers? This might shed some light!
Tax Credit for Homebuyers
First-time homebuyers (anyone who has not owned a house in the last 3 years) who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction - a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income. The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.
Tax Credit Versus Tax Deduction
It's important to remember that the $8,000 tax credit is just that... a tax credit. The benefit of a tax credit is that it's a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a homebuyer were to owe $8,000 in income taxes and would qualify for the $8,000 tax credit, they would owe nothing.
Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a homebuyer is liable for $4,000 in income tax, he can offset that $4,000 with half of the tax credit... and still receive a check for the remaining $4,000!
Homes that Qualify
The tax credit is applicable to any home that will be used as a principle residence. Based on that guideline, qualifying homes include single-family detached homes, as well as attached homes such as townhouses and condominiums. In addition, manufactured or mobile homes and houseboats used for principle residence also qualify.
Whether you are thinking of buying or selling, this tax credit should be good news. Please feel free to call or e-mail me if I can answer any questions about how this could help you.
Tired of trying to figure out what is going on with the tax credit for home buyers? This might shed some light!
Tax Credit for Homebuyers
First-time homebuyers (anyone who has not owned a house in the last 3 years) who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction - a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income. The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.
Tax Credit Versus Tax Deduction
It's important to remember that the $8,000 tax credit is just that... a tax credit. The benefit of a tax credit is that it's a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a homebuyer were to owe $8,000 in income taxes and would qualify for the $8,000 tax credit, they would owe nothing.
Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a homebuyer is liable for $4,000 in income tax, he can offset that $4,000 with half of the tax credit... and still receive a check for the remaining $4,000!
Homes that Qualify
The tax credit is applicable to any home that will be used as a principle residence. Based on that guideline, qualifying homes include single-family detached homes, as well as attached homes such as townhouses and condominiums. In addition, manufactured or mobile homes and houseboats used for principle residence also qualify.
Your First Home: The Proven Path To Home Ownership
“Let a team of real-life experts share their real estate wisdom along with heartwarming stories to show you how to achieve the dream of home ownership. I wish I had this information when I bought my first home. The good news for you? You can!"
-Bob Burg, Author of Endless Referrals and co-author of The Go-Giver
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Your First Home is packed with inspiring stories and the wisdom of thousands of successful first-time home buyers. It's a must-read for anyone aspiring to buy a home. It educates readers on the home ownership process in eight simple steps. Read Excerpts: Installment 1, Installment 2 |
