Friday, August 28, 2009
Tucson Real Estate and Homes - September 2009 Item of Value
Realty Executives, Southern Arizona
Over 600 Homes Sold
Gregory Maul, ABR, CRS, GRI
Senior Associate Broker
1. Who qualifies as a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the home ownership history of both the home buyer and his/her spouse.
2. How is the amount of tax-credit determined
The tax credit is equal to 10 % of the home's purchase price up to a maximum of $ 8,000.
3. Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $ 75,000; the limit is $ 150,000 for married taxpayers filing a joint return.
4. What is the difference between this home buyer tax credit and the tax credit that Congress enacted in July 2008?
The most significant difference is that this tax credit does not have to be repaid. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount.
5. How do I claim the tax credit?
Participation is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns.
6. What types of homes qualify?
Any home that will be used as a principal residence will qualify for the credit.
7. Are some buyers eligible to use the loan toward closing costs?
Yes. Buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home. Those, these same buyers will still have to come up with the minimum 3.5 % down payment.
Advantages like this are hard to beat. If you are seriously considering owning your first home - let's talk. I'll go over the basics and answer any questions you may have about the home buying process. I also have contacts within the mortgage industry and can put you in contact with a lender who will determine if you financially qualify.
Sincerely,
Gregg Maul
(520) 471-8088
Gregg@TucsonRealEstate-golf.com
Oh by the way...if you know of someone who would appreciate the level of service I provide, please call me with their name and business number and I will be happy to follow up and take great care of them.
http://www.funintucson.com
http://www.tucsonrealestate-golf.com
Realty Executives
Over 600 Homes Sold
Gregory Maul, ABR, CRS, GRI
Senior Associate Broker
Tax Credit due to expire November 31, 2009
Dear Friend,
1. Who qualifies as a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the home ownership history of both the home buyer and his/her spouse.
2. How is the amount of tax-credit determined
The tax credit is equal to 10 % of the home's purchase price up to a maximum of $ 8,000.
3. Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $ 75,000; the limit is $ 150,000 for married taxpayers filing a joint return.
4. What is the difference between this home buyer tax credit and the tax credit that Congress enacted in July 2008?
The most significant difference is that this tax credit does not have to be repaid. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount.
5. How do I claim the tax credit?
Participation is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns.
6. What types of homes qualify?
Any home that will be used as a principal residence will qualify for the credit.
7. Are some buyers eligible to use the loan toward closing costs?
Yes. Buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home. Those, these same buyers will still have to come up with the minimum 3.5 % down payment.
Advantages like this are hard to beat. If you are seriously considering owning your first home - let's talk. I'll go over the basics and answer any questions you may have about the home buying process. I also have contacts within the mortgage industry and can put you in contact with a lender who will determine if you financially qualify.
Sincerely,
Gregg Maul
(520) 471-8088
Gregg@TucsonRealEstate-golf.com
Oh by the way...if you know of someone who would appreciate the level of service I provide, please call me with their name and business number and I will be happy to follow up and take great care of them.
http://www.funintucson.com
http://www.tucsonrealestate-golf.com
Realty Executives
# posted by Gregg Maul @ 9:04 AM 
