Panama City Real Estate - First time home buyers tax credit

Posted on August 20, 2008
Filed Under First time home buyers |

If you are first time home buyer, this may be of special interest to you.

On July 30, 2008 President Bush signed housing bill H.R. 3221 into law.

What this bill is:

Basically, this bill provides a temporary “tax credit” for first time home buyers. Please note that this “tax credit” is unlike most other “tax credits” and must be payed back over 15 years with interest.

Please confirm all tax changes and eligibility requirements with a qualified tax professional prior to making any tax related purchases.

How much credit is available:

The maximum tax credit available is $7500 or 10% of the price of a primary residence purchased after April 9, 2008 and before July 1. 2009.

Income limits:

The income limit for this “tax credit” for individuals whose form 1040 is filed as single or head of house is no more than $75,000. The income limit for individuals who file a joint return is no more than $150,000.

Eligible properties:

Eligible property must be located in the United States.

Additional restrictions:

Other restrictions apply.

First time home buyers in the Panama City, Florida area may contact me directly for additional details.

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Comments

6 Responses to “Panama City Real Estate - First time home buyers tax credit”

  1. Panama City Real Estate - First time home buyers tax credit · Real-Estate.ExplainedOnline.Net on August 20th, 2008 10:16 am

    [...] Original post by Panama City Real Estate [...]

  2. Panama City Real Estate - First time home buyers tax credit · Real-Estate-Investing.ExplainedOnline.Net on August 20th, 2008 10:17 am

    [...] Original post by Panama City Real Estate [...]

  3. Dylan Darling on August 23rd, 2008 12:23 pm

    It’s a shame that the same bill changed the Capitol Gains Exclusion Rule as well.

  4. Michael Reilly on August 25th, 2008 4:20 pm

    One of our local builders in Austin ran a full page ad with a very layman’s description of the bill. The ad went on to say that the builder was still making the seller contributions before the change over. It was pretty effective marketing. I hope your blog post does the same.

  5. Jennifer Mackay on August 27th, 2008 6:27 am

    Thank you for your input Michael and Dylan,

    All in all, while not as robust an incentive as I would have hoped for, something is better then nothing.

    Best of luck

  6. Sue Zanzonico on November 29th, 2008 9:48 am

    This first time home buyers tax credit is a great thing that renters should try to take advantage before the end of the year. If someone hasn’t purchased anything in 3 years, they also qualify.

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