Fort Worth Real Estate Online

head_left_image

Get Shopping: The $8,000 Tax Credit For Home Buyers Isn't Permanent

 This re-posting is courtesy of Shameka Tankerson, a mortgage financing specialist from Redlands, California.  Thanks for sharing, Shameka.     

With Congress reaching agreement on a $789 billion stimulus package for Americans and the President expected to sign it into law, the clock may be ticking for this year's home buyers and homeowners.

 

The first-time home buyer credit expires August 31, 2009With Congress reaching agreement on a $789 billion stimulus package for Americans and the President expected to sign it into law, the clock may be ticking for this year's home buyers and homeowners.

The package contains two benefits related to housing.

The first provision is fairly well-known.  It gives first-time home buyers an $8,000 tax credit provided they purchase a home between January 1, 2009 and August 31, 2009. 

This is a true tax credit.

To reduce misuse and abuse, however, the $8,000 credit is contingent on home buyers holding property for at least 3 years.  If the home is sold in fewer than 3 years, the tax credit must be repaid to the government.  It's also worth noting that the date range applies closings and not sales agreements. 

Closings must occur within these 8 months to be eligible.

A second noteworthy feature in the package is that the stimulus package gives existing homeowners incentive to "green" their homes.  With available tax credits for energy-efficient windows and doors, furnaces and insulation, homeowners can claim larger tax deductions based on home improvement, up to $1,500.

But, just because the government provides housing-related tax benefits doesn't mean you should just act on them blindly. Tax liability is a highly individual item and you may be ineligible for any number of reasons.  Be sure to discuss your plans with a qualified accountant before committing to a plan.

Comment balloon 10 commentsKaren Anne Stone • February 15 2009 05:24PM
Get Shopping: The $8, 000 Tax Credit For Home Buyers Isn't Permanent
share
This re-posting is courtesy of Shameka Tankerson, a mortgage financing specialist from Redlands, California. Thanks for sharing, Shameka. With Congress reaching agreement on a $789 billion stimulus package for Americans and the… more
It's Almost Here Brand New Carrollton, Texas Townhomes… From The…
share
Yes… I've been waiting for this Brand New North Carrollton Townhome neighborhood to open, too. I have been visiting the neighborhood for months now… watching the big boys play in the dirt with their tractors, their dump-trucks, and their other… more
Fort Worth… Bay-Windowed Beauty… $146, 900
share
If you're looking for a home that will really grab your heart… but not your wallet… but you want it to have lots and lots of "custom features… " this might be the one. The octagon bay window in the front bedroom catches everyone… more
New in North Fort Worth… Northwest ISD - 2, 086 sq ft - $133, 990
share
If you're a Fort Worth New Home Buyer, and you've been looking for a new home, you need to call me. Why Because I've found a really cool home… with lots of space… and you don't need to spend anywhere near what you thought you'd have to… to… more
Fort Worth Dream House… 2396 sq ft for $194, 900
share
What a great home to come home to. Almost 2, 400 sq ft of home… with barely an inch of wasted space. Entering through the foyer… we find a "stacked" living and dining room on the right, and a fourth bedroom, den/study on the… more
My Daughter Robin's Visit to Cleveland… Brrrr
share
My daughter Robin had been thinking about visiting her aunts and uncle, and all her cousins and friends in Cleveland, Ohio. Well… Mentor, actually. Mentor is about fifteen miles or so east of Cleveland… which means it is plopped right in the… more
You Are The Seller… Which Listing Agent Should You Choose
share
Mr and Ms Home Seller have decided to sell their home. They have a fairly good idea of what they think their home is worth. After doing their own homework online with some of the automated pricing web sites, The Sellers, being very sensible sellers,… more
Fort Worth Beauty… Take a Look and Start Packing… $148, 990
share
This Exciting Brick Single-Story Home… has so much going for it. All you need to do is see this home just once… and You'll Want To Go Home and Start Packing. The Gourmet Kitchen is incredible. The cabinets are hand-stained, and look… more
Great First Home in Fort Worth… $123, 990
share
This "First Home" has So Much To Offer… and you won't believe the price The Exterior has great Drive Up Appeal with it's brick front, landscaping, and Breakfast Nook Triple-Bay Windows. Full Sprinkler system, full sod and… more
My Introduction To MaryJane… Ellen and Her Bong…
share
With all the public attention Michael Phelps has gotten recently after have been photographed in the middle of his now-infamous "bong hit"… my thoughts travelled back to something that happened many years ago. I was in my early… more