A house is without a doubt the most expensive thing most people will buy in their lifetime. Since some can easily total 5-10 times the cost of your average brand new car, this puts them out of reach for some consumers. With the new United States tax credit, families might still have a chance at owning a home.
Take note that the tax credit is slated to lose effect after the end of the year. If you are planning on buying a home, now would be the time to do it. In some cases the paperwork required to close the deal may take an elongated time, so it's important to get the ordeal planned out as soon as possible. It is likely new tax credits will take its place, but in the event it doesn't, it's good to be safe.
Buying a home is costly, and even 10% off the total price could equate into thousands of dollars. When buying a home for the first time with the 2009 tax credit, you are able to shave off the 10%, up to a total of $8,000. Clearly this is a substantial amount of money that can bump up your chances at securing a home that you can afford and like.
There are some restrictions on who can apply. You should not have previously owned a home, and you can't make over $75,000 in a fiscal year. If you are married the terms are a bit different, allowing you or your spouse to make a bit more. Those making more than $75,000 and less than $95,000 for a single person can get a reduced tax credit.
Some confuse the 2009 first time home buyer tax credit with a loan. This is because the tax credit of the previous year was more like an interest-free loan that had to be repaid. You can be reassured that the 2009 tax credit will never have to be repaid. The money you obtain from the government will be yours to keep, as long as you qualify.
Don't purchase a home before consulting your accountant to see if it qualifies for the tax credit. Some types of homes may be admissible, while others are more questionable. The mobile home is an example of a home that can qualify, and so too can a boat home. In general any living space that a family can live in qualifies, but it's good to be sure just in case.
Final Thoughts
Getting a house for you and your future family is very exciting. Remember that the process can be a long one, so you should get started as soon as possible. Talk to a real estate agent and start looking at some homes in your area and find an accountant in your area. - 31821
Take note that the tax credit is slated to lose effect after the end of the year. If you are planning on buying a home, now would be the time to do it. In some cases the paperwork required to close the deal may take an elongated time, so it's important to get the ordeal planned out as soon as possible. It is likely new tax credits will take its place, but in the event it doesn't, it's good to be safe.
Buying a home is costly, and even 10% off the total price could equate into thousands of dollars. When buying a home for the first time with the 2009 tax credit, you are able to shave off the 10%, up to a total of $8,000. Clearly this is a substantial amount of money that can bump up your chances at securing a home that you can afford and like.
There are some restrictions on who can apply. You should not have previously owned a home, and you can't make over $75,000 in a fiscal year. If you are married the terms are a bit different, allowing you or your spouse to make a bit more. Those making more than $75,000 and less than $95,000 for a single person can get a reduced tax credit.
Some confuse the 2009 first time home buyer tax credit with a loan. This is because the tax credit of the previous year was more like an interest-free loan that had to be repaid. You can be reassured that the 2009 tax credit will never have to be repaid. The money you obtain from the government will be yours to keep, as long as you qualify.
Don't purchase a home before consulting your accountant to see if it qualifies for the tax credit. Some types of homes may be admissible, while others are more questionable. The mobile home is an example of a home that can qualify, and so too can a boat home. In general any living space that a family can live in qualifies, but it's good to be sure just in case.
Final Thoughts
Getting a house for you and your future family is very exciting. Remember that the process can be a long one, so you should get started as soon as possible. Talk to a real estate agent and start looking at some homes in your area and find an accountant in your area. - 31821
