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Stan McDonald
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Frisco Real Estate - First Time Home Buyers
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| These days, most people welcome even a small increase in their paychecks. Still, a $400 tax credit probably isn't going to cause a lot of families to do a happy dance around the kitchen table. Most workers will end up with an extra $8 a week. But the $787 billion economic stimulus package recently enacted contains numerous provisions that could save you much more than that, depending on your circumstances. If you are a first-time homebuyer, you are in position to significantly benefit from incentives in the bill. First-time home buyers are eligible for an $8,000 tax credit, and unlike the $7,500 credit enacted last year, this one doesn't have to be repaid, unless you sell your home within three years. The credit is available to taxpayers who buy a primary residence between January 1 and December 1, 2009. The credit does however, phase out for taxpayers whose annual gross income exceeds $75,000, or $150,000 for married couples. Your First Home is a fantastic book by Gary Keller drawn from the real-life experiences of thousands of first time home buyers.
Click Here For Purchasing Information about Your First Home. |
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