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February 18, 2009

Tax Credit for Homebuyers

Filed under: Center City Real Estate,General Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 10:20 am

Here is a solid breakdown of the information in the stimulus bill the President signed:

First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit.  Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.

The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.  Buyers will have to repay the credit if they sell their homes within three years.

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If you have any questions or would like to discuss how you can apply this tax credit to your Center City Condo purchase, please feel free to call me at 215.521.1523 or drop me an email at Mark@CenterCity.com.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

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2 Comments »

  1. […] Philadelphia Real Estate Blog – Center City Real Estate created an interesting post today on Tax Credit for HomebuyersHere’s a short outline First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit.  Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income. The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.  Buyers […]

    Pingback by News about Real Estate Investments » Archive » Tax Credit for Homebuyers — February 18, 2009 @ 10:47 am
  2. […] […]

    Pingback by Posts about Boston Air Conditioning as of February 18, 2009 | Boston Air Conditioning — February 18, 2009 @ 6:08 pm

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