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$8000 Tax Credit for First Time Buyers

Tuesday, February 17, 2009 posted by Tommi Crow

Home seller’s and real estate agent’s are waking up to the fact that nearly half of all buyer’s shopping for a home are first time home buyers. 

Sellers should realize the timely opportunities that are available to this group, and they should be aware of all the benefits today’s first time home buyer will receive, in order to successfully do business with them.

One unique opportunity that provides immediate benefits for home sellers and first time buyers is an $8000 tax credit incentive from the US government.   The purpose of the program is to encourage home sales and provide a much needed boost to the US economy.

Outline of the $8000 Tax Credit Program is as follows:

  1. The Tax Credit is available for First Time Home Buyers Only.  (First Time Buyers are defined as anyone who has not owned real property in the past 3 years.)
  2. The home must be used as the buyer’s primary residence.
  3. The home must close January 1, 2009-December 1, 2009.
  4. The buyer claims the $8000 on their tax returns, which greatly reduces their tax liability.
  5. The $8000 does not need to be repaid, unless the buyer resells the home within 3 years of purchase.

The National Association of Realtors, who backed the plan, estimates that the tax credit will stimulate up to 300,000 home sales.  The NAR also feels that the bill will help stablize home values and could possibly help some distressed seller’s avoid foreclosure.

To read more about working with first time buyers, click here.

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