I hear a lot of misinformation about the $8,000 First-Time Home Buyer Tax Credit. A lot. There are a couple things I’d like to clear up. First, a first time home buyer is not necessarily a first time home buyer. If you have not owned a home in the last three years then you may qualify as a first time home buyer. Weird, I know. But remember your federal government is involved.
Second, there are many limitations. Simply the best website I can find on the First-Time Home Buyer Tax Credit answers most/all of your questions on the FAQ’s page. I’m not going to sit here and bang out a regurgitated webpage when they do it so nicely. Click the link.
Third, a Tax Credit is real money folks. Listen, I’m not your tax advisor nor am I a trained CPA. But if you owe $4,957 in federal taxes in 2009 and you buy a house and you qualify, not only will you get back all of your $4,957 in taxes but you’ll get an additional $3,043. If that’s not redistributing wealth I simply do not know what is. But heck, if you qualify for it you simply must take it. I would.
Visit the link above. Then give me a call at 913.568.1579 to help you find a house. Then close by December 1, 2009. Then do your taxes next year. It’s as simple as that.