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Get off the Fence Tax Credit

 

Tax Credits can help you buy your Mount Washington Valley home.

The First-time home buyer's tax credit is a great opportunity.  It not only will help a buyer tremendously, it will be good for our entire economy if enough people take advantage of it.

 

Answer these questions to see if the First-time home buyer tax credit will help you to purchase you first home.

Can you answer "yes" to all three questions?
Yes
No
Are you married and is your modified adjusted gross income less than $150,000?
 
 
Have you and your spouse had NO home ownership in the past three years?
 
 
Do you plan to stay in the new home for at least three years?
 
 

If you answered Yes to all three of these questions, you may be eligible for the $8,000 first-time buyers tax credit. 
The reality of the situation about asking if your modified AGI is less than $150,000 is that you may not know.  The simple solution is when your gross income is less than $150,000, so is your modified adjusted gross income.  If you don't know, ask whoever did your income tax return.
Reasons to Buy NOW
  • First-time buyers get up to an $8,000 tax credit that doesn't have to be repaid
  • Tax savings, appreciation, and amortization dramatically reduce the monthly cost of ownership
  • Selection of homes in all local towns is excellent giving you greater opportunity to find the home you want.  You may try our search feature to help you find the perfect home
  • Interest rates are lower than they've been in 50 years allowing you lower cost of ownership
This is a revision of the tax credit first established in 2008. A very important change is that if the home is purchased between January 1, 2009 and December 1, 2009, the tax credit doesn't have to be repaid.  However, if the home ceases to be your principal residence within three years of purchase, the tax credit must be completely recaptured. This would include converting the home to rental property.
 
Many people don't understand the significance between a tax deduction and a tax credit.  A tax deduction reduces income subject to tax but a tax credit is a dollar for dollar reduction in tax liability. An $8,000 tax deduction would result in $2,240 tax savings for a 28% taxpayer.  But an $8,000 tax credit would result in $8,000 in tax savings for the same 28% taxpayer.
 
For more information, see Form 5405 available on www.IRS.gov.  This information is not intended to substitute for professional tax advice.
 
Download a FREE Excel spreadsheet to help you see why you need to get off the fence!