|
Here are the criteria for $7500 and $8000 Tax Incentive!
$7500 Tax Incentive (money
refunded to you!):
-
New or resale home
purchase must occur on/after April 8, 2008 and by December
31, 2008.
-
Monies are repaid to IRS starting 2
years after closing at
$500/year for 15 year term at zero percent interest (0%), or
due upon sale of home.
$8000 Tax Incentive (money
refunded to you!):
-
New or resale home
purchase must occur after January 1, 2009 and before
December 1, 2009.
-
Monies are not repaid to IRS!!!
-
Must close on home prior to filing of IRS form 5405!
Criteria for both Tax Incentives
-
Binding Contract
is what is needed for accountant to file your
IRS form 5405!
-
Must be 1st
time homebuyer
(have not owned a principal residence 3 years prior to this
purchase).
-
Must meet *Modified Adjusted Gross
Income (MAGI) for single or
married household. Single filing max. MAGI:
$75,000
Married filing max. MAGI:
$150,000
-
If your
income is *greater than the MAGI,
it may still be possible to receive a partial tax
incentive. ($95,000 max/single $170,000
max/married)
-
Return can be be e-filed and with
automatic deposit setup with accountant, monies can be
received in your account as soon as 15 days after e-filing!
-
You can still receive the tax credit
even if you owe taxes. The
sum of what you owe is
subtracted from the tax incentive you can qualify for.
-
If your contract doe not close and you
have already received the tax incentive,
you are responsible for amending your
personal return deleting the tax incentive.
-
Tax incentive credit does not have to
show up on HUD 1 closing statement.
You can keep this incentive as your own funds even if you
have already paid monies needed for a home closing.
Incentive can be used
for repairs or other needed after you close!
-
Down payment assistance programs and
seller paid closing costs may be used along with the tax
incentive.
Other Facts…
-
Tax incentive is capped at $7500 or
$8000 depending on your purchase contract date, but can be
no more than 10% of the sales price.
-
For $7500 and $8000: Tax incentive can be filed in *2008 or
*2009.
Click here to read the IRS First Time Home Credit Overview
Click here
for a PDF copy of the IRS Form 5405
*Contact your accountant for details.
Contact: Pam Marron, 24 Yrs.
Sr. Loan Officer
Homexpress
Lending, Inc.
email:
pmarron@tampabay.rr.com
727-375-8986
office
727-534-3445 cell
750 94th
Ave. N., Ste. 112;
St. Petersburg, Fl. 33702
Licensed
Correspondent Lender
|
