Get Your $7500 Tax Credit!
August 1, 2008 by Bob Schenkenberger · 2 Comments
The Housing and Economic Recovery Act of 2008, includes many positives for homebuyer’s. None greater than the $7500 in Tax Credits for First Time Buyer’s.
Here’s the Lowdown.
- Any property, including condo’s and co-op’s, that will be used as a principal residence are eligible.
- Tax liability for the year of purchase is reduced by 10% of the cost of the purchase. Not to exceed $7500.
- Full amount of credit is available to individuals with AGI of no more than $75,000 ($150,000 for joint returns.) Credit phases out above the caps.
- Must be a FIRST TIME HOMEBUYER. Meaning, you can not have owned a principle residence in the 3 previous years.
- Tax will be recaptured, at 6.67% per year, for 15 years. If sold before 15 years,the remainder of credit will be recaptured on sale. This basically means you need to pay back the credit over 15 years.
- The credit applies to any qualified purchase between April 9, 2008 until July 1, 2009.
There you have it. A quick breakdown. Please contact us for more information!
Bob has been an active REALTOR for 18 years. During this time, he has closed over 500 transactions, and has been the broker of record for 1000's more. Bob can be reached via email (bob@gethomedenver.com) or phone (303.770.1180.)
Another great incentive for buyers in the best buyers market in decades.
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