Another Great Reason To Buy a Home. $8000 Reasons Why!

The US government is giving consumers unprecedented incentives to purchase a home. If you purchase a home before the end of 2009 you may be eligible to receive $8,000 in tax credits!

Here is how it works - First off you must not have owned a home in the past three years. The government will consider you a first time homebuyer if you have never owned a home or have not owned one in the past three years.

Once you qualify here then you need to BUY A HOME. A primary residence.

Then you will qualify for the tax credit. Here is how the credit works:

Example: In 2009 you paid $7,500 in taxes on your W2. When you do your taxes you are due a refund of $2,000. So in 2009 you will have paid a total of $5,500 in taxes to the government. Because you purchased a home in 2009 and you qualified to claim the $8,000 tax credit, you will get back the rest of your $5,500!!! You will not get the full $8,000 because you can only get back as much as you paid in during 2009.

So your tax refund will be $7,500 and you will have paid the IRS nothing in 2009! How cool would it be to pay the IRS nothing for once!

Unlike the bill passed in 2008 this $8,000 does not have to be paid back! In 2008 a similar bill was passed to give a first time home buyer tax credit of $7,500, but this money had to be paid back at $500 per year. The 2009 first time home buyer tax credit of $8,000 does not have to be paid back.

Check out: http://www.realtor.org/government_affairs/gapublic/american_recovery_reinvestment_act_home#taxcreditfor more info regarding this bill.

You could not pick a better time to but a home!!!

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