First-Time Home Buyers Cash In On $8,000 Tax Break
House Cannot Be Sold For 3 Years
POSTED: Thursday, March 12, 2009
UPDATED: 12:11 am EDT March 14,
2009
ORLANDO, Fla. -- First-time home purchasers -- and those who have not owned real estate for the last three years -- are eligible for an $8,000 tax break. Wendy Petty said she's been searching for a new home -- after renting -- for two months and is ready to cash in on low interest rates and the federal governments new $8,000 tax break. "It's a great incentive for first-time home buyers, considering it doesn't have to be paid back. It made me very excited about purchasing a home this year," Petty said. "I think this is the most revolutionary idea in the internal revenue code since Reagan cut taxes," said Allan Boress, a certified public accountant from Eustis, who calls it "free money." The tax break will appear on buyers' 2009 W2 forms. Home buyers must close, however, by Nov. 30. "If people don't know about it -- if they don't close before 11-30-09 -- it goes away, so don't come to me as your CPA and say, 'I want my credit,' if you bought on Dec 15," Boress said. There are also salary restrictions. Married couples earning more than $150,000 per year or a single person making more than $75,000 per year will not get the full credit. Mary Rhodes, with the Mortgage Firm in Longwood, said her team has 40 first-time home buyers currently in line for the tax credit. "People are in the market for homes. Some people are hesitant because they hear what's going on in the economy and they are nervous about spending money. But if people sit around and wait, this $8,000, it will go away," Rhodes said. The "tax-free" status is lost if the home is sold within three years of purchase. Buyers who want the credit for their 2008 tax year can file an amended return and the cash will be sent in 15 days. For more information, visit the following Web sites: Allan Boress, CPA The Mortgage Firm Internal Revenue Service
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