If you are considering purchasing a home in 2009 you must read this!
First time home buyers (those folks who haven't owned a primary residence in the last 3 years) who earn less than $75,000 if single, or $150,000 if married, will qualify for the tax credit. If you earn more than $75,000 ($150,000 if married) but less than $95,000 ($170,000 if married) the credit amount is reduced. For those who qualify, the credit amount is 10% of the purchase price of the home, up to a total of $8,000. You receive the credit on your income tax return when you file next year. It is a CREDIT, which means if you owe for example, $1,000 in taxes, you would receive a refund of $7,000. Or, if you are receiving a refund, the credit would be added to your refund! And the greatest part is - as long as you own your home for 3 years, you do not have to pay the money back!!!
Need more info? Visit www.federalhousingtaxcredit.com or call Best! Real Estate Services and ask for Linda (906-864-9369).
Or you can post your question here and I'll answer!
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