Greenville SC Federal Tax Credit Information
Information on Federal Tax Credit for First Time Home Buyers
Perfect Time to Buy, Low interest rates, free money from the Government, low home prices....
It's not a secret anymore; most people know about the FIRST TIME HOME BUYERS Federal Tax Credit Money - UP TO $8,000.
We have compiled some quick facts here and some links so the IRS.gov website and others that give good information reguarding the Tax Credit.
QUICK FACTS:
* A Tax credit up to $8000 for anyone who buys a home and has not owed a principal residence in the past three years.
* The $8000 does not have to be pre-paid...in other words you can get more money back then you paid for taxes this year.
* This tax credit is for those FIRST TIME HOME BUYERS that purchased after April 8th, 2008 and before Dec. 31st 2009.
* The refund will be equal to 10% of the homes value up to $8000. This means that if the home is over $80,000 you get the full $8000. If the home is less than $80k you will get less then the $8k tax credit.
* There is an income limit for the FIRST TIME HOME BUYER Tax Credit. It is $75,000 for single filers and $150,000 for joint filers. You will still be eligible for a portion of the tax credit, but it scales down as your income goes up. Check with your accountant.
INFORMATIVE LINKS:
* The IRS page which explains the tax credit and resources to file for the tax credit. FTHB Tax Credit
* IRS question and answer page for the Tax Credit. FTHB Tax Credit Q&A
* This site was a little easier to navigate and understand then the IRS site, but beware the exact information. Check with your accountant to be sure of the facts. National Assoc. of Home Builders
There is a ton more information out there, but these site are the most reputable and answered almost every question we could think of. Check with your financial professionals on your exact situation if it is not covered in these sites.
FIRST TIME HOME BUYERS click here to start your home buying ...
Terms (also see our glossary of REAL ESTATE terms)
You might also be interested in our Greenville Real Estate Foreclosures or Greenville Short Sales
