Anita Bailey
Phone:
614-763-1151
Mobile:
614-648-5449
Fax:
614.304.2094

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Each Office is Individually Owned and Operated
 
   

Keller Williams Realty takes a different approach to real estate, one that is built on personal attention, win-win deals and positive results.  Anita Bailey utilizes the latest technologies, market research and business strategies to exceed your expectations. More importantly, we listen.  And that means we find solutions that are tailored to you.

Thank you for starting your real estate search with us. This website is full of information for you whether you are looking to buy or sell.  After you have had the chance to review this information, please feel free to contact me at your convenience so we can discuss your real estate needs.  We appreciate the opportunity to earn your business.

















2009 Tax Credit for First Time Home Buyers

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    2009 Tax Credit for First Time Home Buyers

    Would you like $8000 back on your taxes this year?

    We've been hearing a lot of questions about the new tax credit. Who qualifies? How does it work? How long will it last? ILet's take an in-depth look at the $8,000 tax credit for first time home buyers.

     
    According to the new legislation, a first time home buyer is defined as someone who has not owned a principle residence in the past three years.  Those three years are counted up to the date you take possession of the house you buy in 2009. This means that even if you’ve owned a home in the past, you can still take advantage of the tax credit as long as you haven’t purchased a primary residence since 2006.

    The same goes for married tax payers - they must both be first time home buyers.  For non-married joint buyers, only one of them needs to be a first time home buyer, or someone who hasn’t owned a primary residence in the past three years.

    Qualifying homes include:
    • New Builds
     
     
     
     
            Homes that are being re-sold
     
     
     
     
            Condos
     
     
     
     
    • Townhomes
       
    The main restriction is that the credit is only for those who buy a home as their primary residence. So investors looking to buy a rental property would not qualify for the credit.  However owning a vacation home or a rental property already does not neccessarily disqualify you from taking advantage of the credit (as long as you haven’t owned a primary residence in the past three years).

    The tax credit is equal to 10% of the purchase price of the home, up to $8,000.   The amount of the credit you can qualify for is related to how much money you earn. Here’s how the credit is scaled:
    Single home buyers earning 95K or less qualify. If you make 75K or less, you qualify for 100% of the $8000. If you make halfway, 85K, you qualify for 50% or $4000. The credit phases out gradually between 75K and 95K of income. For example, if you make halfway between the income limits, 85K, you qualify for up to half of the credit.
    The same rate applies for married couples and joint buyers whose incomes limits are doubled to $150,000 to $170,000. Married couples or joint buyers whose incomes are less would receive the full $8000 credit. At an income level of $160,000, halfway between 150 and 170, the buyers would receive half the credit – or $4,000. And the credit phases out altogether at $170,000.
     
     
     
    This credit represent a significant amount of money. One of the biggest points of difference for the new credit from the one congress passed in July of 2008, is that the new credit does not have to be paid back.

    In addition, it's refundable, which means that if you’ve paid all your taxes as you go with an automatic payroll deduction, you would receive an $8,000 check from the IRS.

    If you're committed to buying a house in 2009 and want to use the $8000 tax credit for a downpayment, consult with your certified public accountant.

    In Summary

    Qualifying home buyers will need to make their home purchase between January 1, 2009 and December 1, 2009. And the home has to remain their principal residence for the following three years.  

    The new tax credit coupled with historically low mortgage rates and rising affordability, offers buyers a great opportunity if they act fast.

    If you’re interested in learning more about the new tax credit or about homes in your area, call Anita at  614-648-5449 or e-mail     anita.bailey    @kw.com.
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Your First Home

Looking to purchase your first home? Click here to request a complimentary copy of Your First Home: The Proven Path to Home Ownership.

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