$8000 Home Buyer Tax Credit

Quick Reference Guide

1)  The Tax Credit is for for first-time home buyers & Previous Home owner's

2)  A first-time home buyer is a person who has not owned a primary residence for a least 3 years.

3)  The tax credit is available for homes bought on or after January 1, 2009 and before Arpil 31, 2010.  The home must close escrow before 7/1/2010.

4)  Unmarried joint purchasers are allowed to allocate the credit amount to either buyer who qualifies as a first-time home buyer.

5)  The tax credit does not have to repaid.

6)  The tax credit is equal to 10% of the homes purchase price with a maximum credit of $8000.  (An $80,000 purchase price will give the maximum $8000 tax credit.)

7)  The tax credit may be applied to either the 2009 or 2010 tax returns.

8)  Single tax payers with incomes up to $75,000 & married couples with incomes up to $150,000 qualify for the full $8000 tax credit. (The tax credit will be reduced for buyers with a modified adjusted gross income higher than the above levels.)

9)  IRS tax form 5405 is needed to determine the tax credit.  The tax credit is a dollar-for-dollar reduction in what the taxpayer owes the IRS.  That means that a taxpayer who owes $8000 in income taxes and receives a $8000 tax credit would then owe the IRS nothing.

Call or E mail any questions you may have.

 You can buy a home with 1% down

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(click on "Apply Now" to link to online application) 

or call

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MBongiovanni@TheLendingCo.com

(click to link to E mail above)

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The Lending Company - 6910 East Chauncey lane # 205 - Scottsdale, AZ 85254
Office Phone: (480) 390-2123 Fax: 480-323-2909
E mail: MBongiovanni@thelendingco.com &: FHALoanAZ@Yahoo.com

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