Don’t Miss Out On The First Time Home Buyers Stimulus
Have you been saving money for years in the hopes of finally being able to buy your first new home? Have your dreams of becoming one of the happy first time home buyers been dashed because of the recent economic crisis? Well, there is no need to give up hope just yet. President Barack Obama has made efforts in order to make your dream of being a first time homeowner possible through the home stimulus package tax credit.
To be eligible for the many benefits of the tax credit, you must not have owned a house in the 3 years previous to now and must make the purchase of your new home prior to November 30 2009. Keep in mind that the credit is only given to individuals or couples who really need it. This means that you need to be earning less than 170 thousand dollars if you are married, or 95 thousand dollars if you are single, in order to benefit from the incentives being provided.
You should note that this tax incentive is different from previous tax credits in that you do not have to pay back the money you save now in a couple of years time. This is a dole out from the government through tax incentives. This donation from the government works this way: The government will pay you eight thousand dollars minus how much you will pay for income tax. Thus, if you have to pay 500 dollars worth of income tax, you will be receiving 7,500 dollars from the government.
Something else to bear in mind is that $8000 is the maximum available and you can only get 10% of the total cost of your new home. Therefore, to qualify for the full tax credit of $8000, you will need to spend at least $80,000 on a home. Should your home cost less then $80,000, you will still receive money from the government, but it will be a lesser amount.
As an added bonus, by installing energy saving appliances in your new home, you can also get incentives for the cost of those applicances. So, if you want to buy a new home and save the environment at the same time, then you should do so now in order to save yourself money.
Feel free to check out this great resource that provides reliable information on the first time home buyers stimulus.