Comments on: First time homebuyer tax break | $7,500 federal tax credit http://montgomerycounty.choicerealestate.net/2008/09/first-time-homebuyer-tax-break-7500-federal-tax-credit/ Choice Real Estate® Sun, 05 Feb 2012 21:34:07 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: Agent http://montgomerycounty.choicerealestate.net/2008/09/first-time-homebuyer-tax-break-7500-federal-tax-credit/comment-page-1/#comment-1004 Agent Sat, 14 Feb 2009 19:31:19 +0000 http://www.choicerealestate.net/blog/2008/09/17/first-time-homebuyer-tax-break-7500-federal-tax-credit/#comment-1004 Looks like the new 'economic stimulus' bill will give an $8,000 credit. Credit is no longer required to be repaid as long home is not sold within three years. Looks like the new ‘economic stimulus’ bill will give an $8,000 credit.
Credit is no longer required to be repaid as long home is not sold within three years.

]]> By: Agent http://montgomerycounty.choicerealestate.net/2008/09/first-time-homebuyer-tax-break-7500-federal-tax-credit/comment-page-1/#comment-983 Agent Thu, 12 Feb 2009 23:41:42 +0000 http://www.choicerealestate.net/blog/2008/09/17/first-time-homebuyer-tax-break-7500-federal-tax-credit/#comment-983 The latest proposed $15,000 tax credit to homebuyers was removed from the upcoming economic stimulus package. The latest proposed $15,000 tax credit to homebuyers was removed from the upcoming economic stimulus package.

]]> By: choice http://montgomerycounty.choicerealestate.net/2008/09/first-time-homebuyer-tax-break-7500-federal-tax-credit/comment-page-1/#comment-905 choice Fri, 06 Feb 2009 21:28:08 +0000 http://www.choicerealestate.net/blog/2008/09/17/first-time-homebuyer-tax-break-7500-federal-tax-credit/#comment-905 The stimulus bill now under consideration would make that tax credit a true credit that does NOT need to be repaid. ALSO, it is for first time home buyers who buy before August of this year. The stimulus bill now under consideration would make that tax credit a true credit that does NOT need to be repaid.

ALSO, it is for first time home buyers who buy before August of this year.

]]> By: buyer credit http://montgomerycounty.choicerealestate.net/2008/09/first-time-homebuyer-tax-break-7500-federal-tax-credit/comment-page-1/#comment-895 buyer credit Wed, 04 Feb 2009 23:17:23 +0000 http://www.choicerealestate.net/blog/2008/09/17/first-time-homebuyer-tax-break-7500-federal-tax-credit/#comment-895 The maximum credit is $7500. $3,750 if married filing seperate.. The credit phases out based on modified adjusted gross income (most cases this is adjusted gross income). If your income is in excess of $95,000 (sinlge or married filing seperate) $170,000 if filing joint you can not claim the credit. You can not claim if you are eligible for the DC first-time home buyer credit. The credit does have to be repaid over 15 years (there are a few exceptions). The credit has to be paid in full in the year of sale, unless there is no gain. IRS form 5405 explains all the details. The maximum credit is $7500. $3,750 if married filing seperate..

The credit phases out based on modified adjusted gross income (most cases this is adjusted gross income). If your income is in excess of $95,000 (sinlge or married filing seperate) $170,000 if filing joint you can not claim the credit.

You can not claim if you are eligible for the DC first-time home buyer credit.

The credit does have to be repaid over 15 years (there are a few exceptions). The credit has to be paid in full in the year of sale, unless there is no gain.

IRS form 5405 explains all the details.

]]> By: 2009 Housing market preview | Maryland, Virginia, D.C. | Real Estate Blog http://montgomerycounty.choicerealestate.net/2008/09/first-time-homebuyer-tax-break-7500-federal-tax-credit/comment-page-1/#comment-894 2009 Housing market preview | Maryland, Virginia, D.C. | Real Estate Blog Wed, 04 Feb 2009 23:02:14 +0000 http://www.choicerealestate.net/blog/2008/09/17/first-time-homebuyer-tax-break-7500-federal-tax-credit/#comment-894 [...] sales.  stimulate homesales.  The National Associations of Realtors and Home Builders have urged increasing the $7,500 tax credit, making it apply to all buyers, not just first-time buyers, and/or doing away with the payback.  [...] [...] sales.  stimulate homesales.  The National Associations of Realtors and Home Builders have urged increasing the $7,500 tax credit, making it apply to all buyers, not just first-time buyers, and/or doing away with the payback.  [...]

]]> By: Brent Mendelson http://montgomerycounty.choicerealestate.net/2008/09/first-time-homebuyer-tax-break-7500-federal-tax-credit/comment-page-1/#comment-893 Brent Mendelson Wed, 04 Feb 2009 22:34:20 +0000 http://www.choicerealestate.net/blog/2008/09/17/first-time-homebuyer-tax-break-7500-federal-tax-credit/#comment-893 Fernando, Great post this is exactly the information the people need. I want to add my two cents also. I read last week that part of the stimulus package was that the repayment portion of the tax credit would be waived. The restriction on joint earners over 150k would remain in place. Has anyone else read or know anything about the repayment part being waived. If it is keep in mind what I read was the House version, it will have to reconciled with a Senate version so who knows exactly what the outcome will be. This is important so if anyone has the latest, let's hear it. Thanks, Brent Fernando,

Great post this is exactly the information the people need. I want to add my two cents also.
I read last week that part of the stimulus package was that the repayment portion of the tax credit would be waived. The restriction on joint earners over 150k would remain in place.
Has anyone else read or know anything about the repayment part being waived. If it is keep in mind what I read was the House version, it will have to reconciled with a Senate version so who knows exactly what the outcome will be. This is important so if anyone has the latest, let’s hear it.
Thanks,
Brent

]]> By: First time homebuyer credit | 2009 | Real Estate Blog http://montgomerycounty.choicerealestate.net/2008/09/first-time-homebuyer-tax-break-7500-federal-tax-credit/comment-page-1/#comment-811 First time homebuyer credit | 2009 | Real Estate Blog Tue, 02 Dec 2008 21:47:30 +0000 http://www.choicerealestate.net/blog/2008/09/17/first-time-homebuyer-tax-break-7500-federal-tax-credit/#comment-811 [...] homebuyers have another reason to think about buying a home in 2009, a federal tax credit of up to $7,500.  The credit is 10% of the cost of a home, so a house costing $75,000 will qualify for a full [...] [...] homebuyers have another reason to think about buying a home in 2009, a federal tax credit of up to $7,500.  The credit is 10% of the cost of a home, so a house costing $75,000 will qualify for a full [...]

]]> By: Housing market Fall 2008 | Hints of turnaround | Real Estate Blog http://montgomerycounty.choicerealestate.net/2008/09/first-time-homebuyer-tax-break-7500-federal-tax-credit/comment-page-1/#comment-735 Housing market Fall 2008 | Hints of turnaround | Real Estate Blog Fri, 19 Sep 2008 19:00:22 +0000 http://www.choicerealestate.net/blog/2008/09/17/first-time-homebuyer-tax-break-7500-federal-tax-credit/#comment-735 [...] « First time homebuyer tax break | $7,500 federal tax credit [...] [...] « First time homebuyer tax break | $7,500 federal tax credit [...]

]]>