$8,000 HUD tax credit Expiring SOON! Will the Tax Credit be Extended?
October 12, 2009 UPDATE: Tax Credit Extention Approved For Military, Diplomatic & Intelligence Personnel
HUD tweaked stimulus tax incentive so First-Time Home Buyers get Instant Assistance With Down Payment & Closing Costs
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First-time homebuyers will now have access to quick cash to help them with their down payments.
As part of the stimulus package, Congress created a Refundable first-time homebuyers tax credit in hopes of helping on-the-fence buyers to take the home-purchase plunge. But buyers couldn't collect the $8,000 credit until tax time, rather than at closing time -- when it's needed.
2009 TAX CREDIT for FIRST TIME Home Buyers…
A first-time homebuyer can potentially qualify for both the $8,000 tax credit under federal law as well as the $10,000 "new home" tax credit under California law. First: There is a limit on adjusted gross income of the first time homebuyer. For a Single taxpayer, the Income limit is $75,000. For Married taxpayers (filing jointly) the limit is $150,000.. Second, the American Recovery and Reinvestment Act of 2009 includes a "first time" homebuyer tax credit which enhances the pre-existing $7,500 tax credit enacted in 2008 which still applies for purchases from April 9, 2008, to Dec. 31, 2008. The new tax credit is $500 more than the 2008 tax credit and is applicable to first-time homebuyers who purchase a "principal" residence in the US from Jan. 1, 2009, to Nov. 30, 2009 (vacation homes and rental properties are excluded). The new tax credit is set at 10 percent of the purchase price, up to a maximum of $8,000. And, unlike the 2008 tax credit (which must be repaid), this new tax credit need not be repaid if the buyer owns and occupies the property for at least 36 months after the purchase. A "first-time" homebuyer is defined as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit is eliminated if an individual's modified adjusted gross income is more than $95,000 (or $170,000 for joint filers).
California homebuyers may also qualify for the "New Home" tax credit of 5 percent of the purchase price not to exceed $10,000 ' if they purchase a qualified "principal" residence that has never been occupied.
Contact the REO Department to find out about Restrictions and Provisions REOdept@socalreoclub.com
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