Tuesday, September 9, 2008

Understanding the First-Time Home Buyer Tax Credit

Nearly 650 buyers attended a recent Weichert company-wide "Understanding the Incentives" tax credit seminars.
These seminars allowed buyers to dispel a misperception common among first-time buyers. Many attendees believed they would not be able to obtain the financing necessary to purchase a home, and were excited to learn that homeownership was within their reach.

Details of the First-Time Home Buyer Tax Credit are as follows:
Features of the Federal Tax Credit up to $7500

Yes. Reduces income tax liability
for the year of purchase. Claimed
on tax return for that tax year.**

Eligible Property
Any single-family residence (including
condos, co-ops) purchased between
April 9, 2008 and June 30, 2009 to be used as a principal residence."·

Income Limit
Yes. Full amount of credit available for
individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000, respectively)."·

We all know this is a great time to buy, especially for first-time buyers who may be able to take advantage of the temporary tax credit. So come learn about the tax credit and the other financial advantages of homeownership on October 18.  Contact Smitha today!
Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, a Home Marketing Expert and also an expert in buying and selling of townhouses and condominiums. You can reach Smitha at: 973-252-8245 (Res.) or online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com