Jami Stutzman
I am a lifetime resident and licensed REALTOR in Cincinnati with Comey & Shepherd Realtors. I am also a member of U.S. Green Building Council. My goal is to help Cincinnati residents achieve greener lifestyles through building or rehabbing. Contact me today!
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$8000 Home Buyer Tax Credit
The details are out. Not as great as I’d like, but some of the changes have been for the positive.
Here is the scoop:
1. the limit has been increased to 8k max
2. Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.
3. Income limits - Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).
4. Repayment - No repayment for purchases on or after January 1, 2009 and before December 1, 2009
5. Effective on purchases Jan 1, 2009-Dec 1, 2009
For a full comparison of the old vs. new tax credits click here.
I really wish that the entire credit would have been made open to all home buyers. This really would have stimulated the move-up buyers who are having trouble with getting motivated to sell their homes and move to the next phase. Perhaps if they had some incentive, there would be more sales outside the 100-300 range. Overall, the changes they’ve made are good and I hope those who get it, actually put that money back into the economy.
If you have any questions, email me or talk to your loan officer.
5 Responses to “$8000 Home Buyer Tax Credit”
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[...] Original post by Keepin’ it REAL Estate [...]
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[...] Indianapolis Area Real Estate Update wrote an interesting post today onHere’s a quick excerptThe details are out. Not as great as I’d like, but some of the changes have been for the positive. Here is the scoop: 1. the limit has been increased to 8k max 2. Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence. 3. Income limits - Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000). 4. Repayment - [...]
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[...] Keepin’ it REAL Estate wrote an interesting post today on $8000 Home Buyer Tax CreditHere’s a quick excerptThe details are out. Not as great as I’d like, but some of the changes have been for the positive. Here is the scoop: 1. the limit has been increased to 8k max 2. Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence. 3. Income limits - Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000). 4. Repayment - [...]
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Tom Fariss February 17th, 2009 at 11:36 am
For the 8k tax credit,
Are there any stipulations of parents selling a house to a child?
thanks,
Tom -
Jami Stutzman February 19th, 2009 at 8:01 am
Thanks for the question Tom. I don’t believe so, the only stipulations I’ve seen are income and the fact it must be a first time home or you can’t have owned a home in the past 3 years. Verify with your accountant, but if you want to sell your home to your kid, go ahead!
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