Incredible opportunities exist right now for buying a home.  Many areas in our market have inventories that allow a broad assortment of homes for just about every price range and you can be fairly confident that most sellers in todays environment are very motivated to sell.

If you're at ALL thinking about buying a home right now...The IRS is Paying Home Buyers $8,000 ... yes PAYING YOU to Buy a Home in 2009!!!

For 2009 if you qualify as a first time home buyer, the governement is offering you $8,000 (or 10% of the purchase price if the purchase price is less than $80,000) to buy a home by December 1, 2009!  That means the IRS is going to PAY YOU $8,000 to BUY a Home!!!  And yes...it's True, and it's basically that easy!

Who qualifies as a First Time Home Buyer? 

-  According to IRS Rules, you can qualify if you have not owned a house in the past 3 years.

What do you need to do to get the $8,000?

-  Close on the purchase of a home as a First Time Home Buyer by December 1, 2009.  On your tax return for 2009 OR on your 2008 or amended 2008 return (if filed in time), you will find the proper place for this credit. 

What does this Tax Credit Mean?  Do I have to pay it back?  What if I already have all the allowable deductions?

- This Tax Credit means that this money comes BACK to you (a actual Credit) rather than as a deduction (which reduces what you might owe).  NO unlike the $7,500 tax credit included in the Housing and Economic Recover Act of 2008 under the previous administration, you do NOT have to pay back this credit!  This Credit is independent of other deductions that you may qualify for.  The one limitation that I am aware of at this time is that it is only available for taxpayers that report earnings of no more than $75,000 if filing single or $150,000 if filing jointly.

It is EVEN Possible if you make the purchase early enough, that you can get $8,000 in your pocket with your Tax Return This year.

This means that if you were already going to get $1,000 back from the IRS from taxes for 2008, if you act quickly and / or file an amended tax return (talk to your tax professional), you COULD end up getting a tax refund THIS Year for $9,000!!! 

That could buy some nice furniture for your new home!

For more details or to ask a question, send an e-mail to: firsttime@pleasantlife.com

Or call me at 804-339-7014 or e-mail JohnPolson@PleasantLife.com for more details on how you can make this work for you.