$8000.00 Tax Deduction for First Time Home Buyers
I was a little disappointed to hear the $15,000.00 got axed in the Stimulus Package, but at least the $8000.00 does not have to be paid back.
If you are a first time home buyer, now would be a good time to consider buying your first home.
- Prices have never been lower in Ann Arbor and throughout Washtenaw County
- The interest rates are low hanging around 5%
- You get to deduct the 8000.00 to purchase your new home.
Here is a quick guide to how you can apply the tax credit and how it compares to the $7500.00 credit in 2008.
You can click here to search the Ann Arbor Area MLS.
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The wife and I bought a double wide in November and qualify for the 8,000 its April we got a letter from IRS asking us for, Executed retail sales contract, property address, sales price, and date of purchase,. What is up with all this, the sales price really isn’t any ones business is it???
Yes they need the sale price. The Tax Credit is up to 8000.00 or 10% of the purchase price. They need to see what you paid.
Can I apply for my refund without waiting until tax time?
Hi Missy! My Boyfriend and I are purchasing a house from my mother for fair market value. Will he qualify for the $8,000.00 Refund even though I won’t??
Question, my fiancee is purchasing a house and we have decided to just put my name on the deed after closing. Will I be eligible for the first-time homebuyer’s credit.
My husband and I haven’t owned a home in over 5 years. We fall below the income budget. We are buying a home and will qualify for the credit. We file our taxes seperate the home mortgage is in my name only. Do we qualify for the 8K or do we only get the reduced 4K?
I am not sure about the years, but you should qualify for the 6500.00 for 2nd time home owners. Not the first time home buyer credit.
It is not the deed you have to send to the IRS but the closing statement, which will show you bought the house. You might be qualified for the 6500.0 move up buyer credit.
Only if he is the only one on the deed. They can not be family members you purchase from.