The $8,000 Buyer Tax Credit
by Osman Parvez
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It’s tax season so here’s a little information on that $8,000 credit for home buyers.
Eligible buyers are defined as those who have not owned a home in the previous three years (i.e have been renting). The tax credit is refundable, meaning it applies even if you don’t have tax liability. There are income restrictions. You must also hold onto the house for at least three years or face recapture. The purchase must be made after January 1, 2009 and before December 1, 2009.
There are additional exceptions, including purchases from relatives. Consult with your tax adviser before buying. Check the resources linked below for more information.
Additional resources: An article from Yahoo and more details from US. News. Detailed information and links to reference material from About.com.
Hat tip: Gabriel Heiser
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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
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Osman Parvez
Owner & Broker at House Einstein as well as primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has appeared in the Wall Street Journal and Daily Camera.
Osman is the primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has also appeared in many other blogs about Boulder as well as mainstream newspapers, including the Wall Street Journal and Daily Camera. Learn more about Osman.
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