Tax credit

Posted By Georgia Bell @ Jun 4th 2009 3:51pm In: General

 

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407 HUDSON LN West
2801386 - Residential
Folly Beach, SC

This is truly a gem of a house - it has never been rented and is in fabulous condition.A custom built home that overlooks the marsh and is only two blocks from the ocean... in the evening you can sit on your back deck and actually hear the ocean breakers! It has maple hardwood floors, solid surface countertops in the kitchen, spacious rooms and so much privacy! There is a new energy efficient tankless water heater and even the garage has been enclosed and there are insulated rooms there as well! Beautiful home, beautiful condition! What a find! The yard and garden are in wonderful condition, too - and the playset can either remain or the owners will move it for the buyer. Hurry before this one gets away!! As of march 16, 2009 This house has a full one year warranty to be given to buyers and a brand new AC/Heating Unit!!!


Some of you may be interested in a little more information on the Home Buyer Tax Credit!

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8000.00 for qualified first time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009

 

Who is eligible?  FIrst time home buyers purchasing any kind of home whether it is new or a resale are eligible.

 

Who is a first time home buyer?   A buyer who has not owned a principal residence during the three year period prior to the purchase. For married tax payers, the law tests the homeownership history of both the home buyer and his or her spouse.

The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.00

The income limit for single taxpayers is $75,000  the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income of more than $75,000  for single taxpayers and $150,000 for married taxpayers filing a joint return.

 

Partial tax credits are available for some taxpayers who exceed the MAGI limits.

 

So, check with your accountant  You may be eligible for more than you think!

And remember, now tax credits may be used for a down payment!

 

 


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