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First time Home Buyer?

 
Lorine Williams
(@Lorine_Williams)
New Member

As a first home buyer you can receive a $7,500.00 tax credit on your federal tax return. This tax break is for ANY first home buyer whether buying a home or a condo or a co-op or a townhouse. The property needs to be your principal residence not an investment. This is how it works: If you are buying something to live in you can qualify for this tax credit on your tax return for the year in which you purchase your home or condo or co-op.

The fine print states that it ends as of July 1, 2009, so act fast. In other words, if you close by December 31, 2008, you can claim that $7500 on your 2008 tax return. After that, it would be claimed on your 2009 tax return. You (and your spouse) may not have owned a principal residence in the past 3 years. For the next 15 years a portion (6.67% to be exact) is to repaid each year for 15 years. This will happen as a recapture item on your federal income tax. This is a very painless to pay back that $$$.

The good news, too, is that the National Association of REALTORS is pushing for this tax credit for be open to EVERYONE with no pay back feature.

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Topic starter Posted : November 20, 2008 6:14 pm
Tippi
(@Tippi)
Trusted Member

Real Estate on STX must be bad to advertise and troll here with your 2nd post.

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Posted : November 21, 2008 2:21 am
Cody K
(@cody_k)
Advanced Member

I think that was a little harsh.
I thought it was good information. I didn't know about the credit, and many people who post here are looking for information about
Real Estate.

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Posted : November 21, 2008 9:35 am
islandtyme
(@islandtyme)
Trusted Member

I agree, this is NOT a trollish behavior. Yes real estate has slowed dwn........but being in sales myself know you have to get creative in hard times. Kudos for the information!

Heres a definition for troll............and LW isn't one.
An "Internet troll" or "Forum Troll" or "Message Board Troll" is a person who posts outrageous message to bait people to answer. Forum Troll delights in sowing discord on the forums. A troll is someone who inspires flaming rhetoric, someone who is purposely provoking and pulling people into flaming discussion. Flaming discussions usually end with name calling and a flame war.

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Posted : November 21, 2008 10:39 am
Cody K
(@cody_k)
Advanced Member

I agree islandtyme. We can always use good information. For the many people who are thinking about buying now, this might be the incentive to take the plunge, and take advantage of the credit. LW is a very nice person, and a great realtor!

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Posted : November 21, 2008 11:02 am
Tippi
(@Tippi)
Trusted Member

We need to get all the realtors to sign in and start posting on a regular basis. Make this a how to forum on real estate.

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Posted : November 21, 2008 12:11 pm
Bombi
(@Bombi)
Trusted Member

Great news! now maybe my son and one of my employees will be able to get a start.

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Posted : November 21, 2008 12:32 pm
Cody K
(@cody_k)
Advanced Member

Tippi: Why be mean, you know what they say about mean people

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Posted : November 21, 2008 12:49 pm
Tippi
(@Tippi)
Trusted Member

Cody K nothing mean about my posts.
Luv to hear from all the realtors in the islands wouldn't you?
I think each and everyone of them should be able to post an advertisement here don't you? In fact the more the merrier don't you think?
We have several that post on this board daily, I'd love to hear from them on buying points too wouldn't you Cody K?

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Posted : November 21, 2008 12:52 pm
Cody K
(@cody_k)
Advanced Member

Yes, I agree it would be great if other realtors wanted to give us useful information, that would help homebuyers that are moving down here, good idea!!. That's why I think this forum is such a great resource!

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Posted : November 21, 2008 1:33 pm
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