New Listing Manchester Green in Buffalo Grove, IL – Golf Course Views
There are many misconceptions out there. Many people I talk to think the $8000 Tax Credit is just for First Time Home Buyers. It is also available for anyone that has not owned a principal residence for 3 years prior to the purchase of the home.
Other answers to some of the questions that have been asked in the past few weeks:
The $8000 also does not have to be repaid like the older credit.
The income limit is $75k for an individual or $150k for joint filers.
To claim the credit use the IRS Form 5450.
The credit can be used towards your down payment or closing costs in many cases. See your lender for details on this.
Example: If you owe $3k on your income taxes and you qualify for the credit, you will pay no income taxes and receive a $5k check from the government. Check with your personal accountant for details.
Posted By: Julie Anne – The Julie Anne Real Estate Team at Keller Williams Success Realty
CDPE Certified for Short Sales and REO
None of this information is guaranteed, see your accountant and attorney for more details and if you qualify.