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Great News!
President Obama's Stimulus Act (the American Recovery and Reinvestment Act of 2009) recently passed by Congress
generously offers an $8,000 first time home buyer tax credit to buyers who purchase
their first
home between January 1, 2009 and December 1, 2009 April 30,
2010 by filing a tax amendment
1040X. The full first time home
buyer tax credit is
available to single taxpayers with incomes up to $75,000
$125,000 and married couples
with incomes up to $150,000. $225,000. The new first time home buyer tax credit is phased out for those earning more
than the stated limits.
This first time home buyer tax credit extension can be claimed on either your 2008 or 2009 tax returns
by filing a tax amendment 1040X. If you've
already filed your 2008 tax returns, you can file an amended tax return
to receive the first time home buyer tax credit within 4-6 weeks.
Unlike the first time home buyer tax credit passed last year by President Bush,
this first time home buyer tax credit does not have to be re-paid. First time home purchases between
April 9, 2008 and December 31, 2008 can receive a $7,500 first time home buyer
tax credit that must be
repaid to the IRS over 15 years by a reduction of your yearly tax refund of $500
each year. Anyone who closed on December 31 must be really peed off! ;)
Potential first time home buyers should keep in mind that it typically takes a
month or two from the time you find the home you want to buy until the
transaction closes and you own it. That means that the clock is ticking on your
time you have to hit the streets and look at the available inventory of houses,
condos and co-ops. Sellers and banks are motivated to make good deals to unload
properties that have been on the market for some time. Opportunities like free
government money do not come along very often so now would be a great time to
find your next place. These government funds can be used to make any necessary
repairs or improvements to your new home, buy new furniture or save for a rainy
day.
FHA government mortgages are available with as little as 3.5% down (down payments
can even sometimes even be borrowed from a family member). FHA mortgages mainly
look at your income as a determining factor for approvals so even if you've had
a few bumps or bruises on your credit, you should still qualify if your income
can support the mortgage payments and expenses.
Last but not least, mortgage interest and real estate taxes paid on your home
can be tax deductible. For a typical New Yorker 25-35 percent of every dollar
you pay towards your mortgage or real estate taxes is refunded back to you at
tax time. For example, if you your monthly mortgage interest and real estate
taxes are $2,000 a month, you would have the ability to itemize $24,000 of
additional deductions when filing your year end tax returns. If you were in the
35% combined federal, state and city tax bracket you would get back an
additional $8,400 in tax refunds each year. Or you could adjust your tax
withholdings at work and see an extra $700 per month in take home pay. In a
nutshell, $2,000 per month in deductible mortgage interest and real estate taxes
net effectively only costs you $1,300 per month. This can be cheaper than
renting! No more excuses, get off your butt and make 2009 the year you achieve
the American Dream and get the 8000 home tax credit. ;)
Mario Costanz is a tax, financial and real estate entrepreneur. He can be
reached at mario@theproblemsolver.com
for any questions about the first time home buyer tax credit.
Mr. Costanz is available to file a 1040X amended tax return for your 2008 income taxes to get you the $8,000 first time home buyer tax credit within 6-8 weeks of your closing. In order to file the 1040X amended tax return, fill out the Client Information Sheet and email or fax Mr. Costanz a copy of your already filed 2008 tax return along with the completed Client Information Sheet. Fax # is (718) 989-0850. If you have not filed your 2008 income tax return yet, we can assist you with that as well. NYC requires us to share the following Informational Bulletin and Price List with you regarding filing income tax returns including a 1040X amended tax return. We can file your Obama 8,000 amended tax return anywhere in the U.S of A.
The First Time Home Buyer Tax credit has expired however if the government ever deciedes to issue another one, information will be posted here. In the meantime, if you are interested in purchasing Westchester or Bronx real estate, please check out RE/MAX Results real estate in the Bronx.
© 2011 FirstTimeHomeBuyerTaxCredit.com
As required by U.S. Treasury Regulations, we advise you that any tax advice contained in this communication (including any attachments) is not intended to be used for, and cannot be used for, the purpose of avoiding penalties under the United States federal tax laws.