Here are details on the $8,000 tax credit for first time homebuyers that can be used on all FSBO.com properties that is part of the The American Recovery and Reinvestment Act of 2009 ... -
Tax credit equals lessor of 10% of the property's value or $8,000 -
Effective for properties bought between January 1, 2009 and December 1, 2009 -
The
property purchased must be single-family (condos & townhouses
included) and used as a principal residence for three years. -
There
is an income limit of $75,000 per individual (adjusted gross income) or
$150,000 if filing a joint reurn. Individuals above these salaries may
still receive a portion of the tax credit. IRS Form 5405 will help to determine this. -
Only
first-time homebuyers are eligible or the purchaser (and purchaser's
spouse) must not have owned a principal residence in the last three
years -
This tax credit does not have to be repaid if the property is purchased between 1/1/09-12/1/09 This tax credit can be used on all FSBO.com
properties, as long as indviduals meet the federal criteria. This is
just a basic summary, FSBO.com recommends you consult a tax
professional for more specific information that may pertain to you, as
several states also have local policies. Consumer Information: FHA, HUD, Fannie Mae, Freddie Mac, Mortgage Bankers Association, Federal Reserve
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