Northern Illinois Real Estate – $8000 Credit Not Just for First Time Home Buyers

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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.

Now is the Best Time to take advantage of all buying a home right now has to offer you.   Contact me and my Real Estate Team to help you find your next home.

                                                                                                                                                                                               Free Home Evaluation                                              

Posted By:   Julie Anne – The Julie Anne Real Estate Team at Keller Williams Success Realty

Northern Illinois Real Estate AgentBarrington – Deer Park Real Estate Expert and surrounding areas

847-620-5815    julie@homesbyjulieanne.com

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None of this information is guaranteed, see your accountant and attorney for more details and if you qualify.