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home-buyer credit

news story

02.15.10

HOME-BUYER TAX CREDIT LEGISLAITON PASSED BY CONGRESS AND SIGNED BY PRESIDENT OBAMA BACK IN NOVEMBER PROVIDES AN ENTICING INCENTIVE FOR THOSE CONSIDERING BUYING A PRINCIPAL RESIDENCE. LOCAL CPA BYRON SWAIM SAID THERE IS A TAX CREDIT UP TO $8,000 FOR FIRST TIME HOME BUYERS AND A CREDIT OF UP TO $6,500 FOR QUALIFYING REPEAT HOME BUYERS.

‘AUDIO"

BYRON SWAIM SAID THOSE BUYING A CONDOMINIUM, MOBILE HOME OR EVEN A TRAVEL TRAILER CAN TAKE ADVANTAGE OF THIS CREDIT AS LONG AS IT IS A PRINCIPAL RESIDENCE THAT INCLUDES EATING, SLEEPING AND TOILET FACILITIES.

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THIS HOME-BUYER TAX CREDIT OFFERS WHAT IS KNOWN AS DOLLAR-FOR-DOLLAR REDUCTIONS OF TAX – AGAIN UP TO THE $8,000 LIMIT FOR FIRST-TIME BUYERS AND AS MUCH AS $6,500 FOR REPEAT BUYERS. IT IS REFUNDABLE. THAT MEANS THAT A TAXPAYER WHO DOESN’T OWE ENOUGH TAX TO OFFSET THE CREDIT GETS MONEY BACK. FOR EXAMPLE, IF YOUR TAX OBLIGATION IS $4,000 AND YOU ARE A QUALIFIED FIRST-TIME BUYER FOR THE FULL $8,000 AMOUNT, YOU WOULD GET A CHECK FOR $4,000 FROM THE IRS. IF YOU ARE CONSIDERING BUYING A PRINCIPAL RESIDENCE, AN IMPORTANT POINT - CHECK WITH YOUR ACCOUNTANT, THE IRS OR ANOTHER EXPERT TO SEE IF YOU CAN TAKE ADVANTAGE OF THIS HOME-BUYER CREDIT AVAILABLE ON HOME PURCHASES UNDER CONTRACT BEFORE MAY 1. THE DEAL MUST BE CLOSED BEFORE JULY 1.