Tax Credit For First Time Home Buyers
The stimulus package does include an $8,000 tax credit for first time home buyers!
To qualify, buyers need to have not owned a home for at least three years, and this is for you primary residence only. There are also income limits - $75,000 for single people, and $150,000 for those filing jointly. Talk to your accountant for exact details as to how it affects your situation.
This is a credit, not a deduction. So if you qualify, you get the full $8,000 back on your tax return!
If you’d like to talk to an accountant in person about the rules, contact us about attending our New Buyers Workshop on March 4 at our Greenbrae offices. We’ll have Bill Shine of William Shine Company to talk about the tax implications and benefits of home ownership, and Gina Kelmsley of RPM Mortgage will discuss loans, with special emphasis on FHA loans (you can qualify with as little as 3% down!). I’ll discuss the home buying process and analyze current market data, and Pat will show the best deals out there in a variety of price ranges.
Space is limited and filling up - we don’t like this to get too big, so everyone can ask questions. Email me at bravasio@fhallen.com or call 415-925-3261 if you would like to attend!
