President Obama signed the economic stimulus package which includes a gift for first time homebuyers– $8,000 (or 10% of the home’s value, whichever is less) on their 2009 taxes.
This is applicable for all properties, not just condos and townhomes. As a real estate agent, I think that this is going to be great for first time home buyers for entry level condos and single family homes. The income restriction will limit the higher end condos and homes in Pasadena.
* Refundable: The credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of withholding they paid during the year- was less than that amount.
* Purchase Date: To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as “first time” buyer. They must also live in the house as their primary residence for at least three years, or they will be obligated to pay back the credit.
* Paperwork: Applying for the credit will be easy - or at least as easy as doing your income taxes. Just claim it on your return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit.
* Income Restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)
Once again, you should always consult an accountant about the details.
To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.
0 comments:
Post a Comment