Boise Real Estate Benefits From First Time Home Buyer Tax Credit
This is a terrific time to buy your first home !!!
Here’s why:
- Boise real estate prices have dropped by 25-30% in many areas.
- Interest rates are under 5%.
- Financing is still available with as little as 3.5% down.
- First Time Home Buyer Tax Credit.
Here’s a summary of how the tax credit works:
- Tax credit is 10% of the purchase price of your home ($8,000 maximum).
- Must be your principal residence.
- Buyer, or spouse, must NOT have owned another principal residence within the previous three years.
- Property must be the buyers’ principal residence for 36 months after purchase to avoid repaying the tax credit.
- Tax credit begins to phase out if modified adjusted gross income exceeds $75,000. No tax credit is available if your modified adjusted gross income exceeds $95,000 ($170,000 if you file jointly).
- You must purchase between January 1, 2009 and November 30, 2009.
- Any amount of the tax credit not used to reduce your income tax owed may be added to your tax refund check.
Give me a call or e-mail me if you’re ready to buy your first home !!
See your tax professional for full details ~ this is NOT tax advice!
April 21st, 2009 Posted in Uncategorized
Print
