I, too, have heard from more than buyer who have received their refunds. Thanks for sharing this Sheldon.
This is an actual check from one of my First Time Buyers who bought a home last month, and immediately filed his 2008 tax return - which he had already filed an extension for - and this week received the above check !
... before his home purchase, his return was going to give him a refund of approximately $4,000 !!!! ... as you can see, he qualified for the tax credit, and received $8,000 additional dollars from the government for buying his home.
@@@ FOR FURTHER INFORMATION - BE SURE TO CONSULT YOUR ACCOUNTANT TO SEE IF YOU CAN RECEIVE THIS YOURSELF @@@
Per the IRS.gov website, you may qualify to receive this credit if you meet the following qualifications:
"... qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.
The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.
For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase."
The credit itself:
- Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
- Applies only to homes used as a taxpayer's principal residence.
- Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
- Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
So if you were considering buying a home this year - be sure to talk to your accountant as you may also qualify to get $8,000 extra dollars for buying your first home !
ALSO: Be sure to check out a post from respected Loan Officer Jeff Belonger explaining how you may be able to receive an 'up front loan' for this credit to use towards closing costs or additional downpayment over your mandatory 3.5% payment on your FHA loan !
@@@PLEASE NOTE: ALL INFORMATION ABOVE DEEMED RELIABLE PER THE IRS.GOV WEBSITE, HOWEVER IS SUBJECT TO CHANGE AT ANY POINT ON ANY DAY ! - CONSULT YOUR TAX ACCOUNTANT BEFORE EXPECTING ANY PORTION OF THIS CREDIT.
Julie E. Chapman, REALTOR®, Broker
Chapman Realty
Brunswick, Georgia 31520
912-280-0088 Office
912-270-6767 Cell
Web: http://www.juliechapman.com
eMail: chapmanrealty@yahoo.com
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Julie,
This is more great information on the $8,000 tax credit. Thank you for sharing it.
Don,
Neal was a trooper and actually got a copy of a check....I am hitting up some of my buyers for copies of theirs before they run to the bank.....
Great to hear about people getting their checks! Thanks for the information on your post.
Irene,
This is a reblog of Sheldon Neal's really great post....
Julie, thanks for reblogging Sheldon's post. It's informative and fun to read - so like Sheldon!
Sharon
Sharon,
It was a find....I rarely reblog....I was truly impressed......and grateful that he allowed the post to be reblogged.