NORTHERN WI Specializing in Taylor, Clark, and Rusk Counties

First-time Home Buyer Tax Credit


Tax Credits Provide Outstanding Opportunities!
  Your timing is perfect. What a fantastic time to buy. Prices are down. Interest rates are down and inventory is up. These are signs of a bright Home Buyers Market. The Federal Government is providing a tax credit as an incentive to buy. If the rates above aren't enough to encourage you to buy a home, how about a federal tax credit?

You may know it only as the “stimulus bill,” but its actual title is the American Recovery and Reinvestment Act of 2009, and there’s $8,000 waiting in it for you. Does this sound too good to be true? Not if you:

First time Buyer

  • haven’t owned a home in the past three years
  • close on your home between Dec 1st - April 30th of 2009/2010
  • intend to live in that house for three years
  • up to $8,000 ($4,000 married couple filling seperate)

Current home Owner

  • must have lived in current home for five years or more.
  • close on your home between Dec 1st - April 30th of 2009/2010
  • up to $6,500 ($3,252 married couple filling seperate)
If all points above are true, then it’s as simple as claiming this tax credit on your 2009 taxes and you can receive up to $8,000 (First Time Buyer) or $6,500 (Current Home Owner) back from your government. This, on top of unbelievably low interest rates, makes this a once in a lifetime opportunity!!

Details of the Homeowner Credit

This is a tax credit. That means, if you owe $500 for 2009 taxes, you would receive a check for $7500 from the government if eligible for the full amount of the credit.

The actual tax credit is 10% of the purchase price of the home, capping at $8,000. There is also modified adjusted gross income (MAGI) restrictions to be aware of. Credit begins to taper off when a single taxpayer is over $75,000 in MAGI or a married couple is over $150,000. The credit cancels out when your MAGI exceeds $125,000 (single) or $225,000 (married).

Don’t miss out on this extraordinary opportunity. Call me to learn more today!
                                          
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Kim Mahoney ® Broker Associate