Question
Is the 8K first time home buyers credit really $8K?
It says... "The stimulus-package credit allows first-time home buyers to reduce their federal income taxes by 10 percent of the price of a home" What if you don't pay $8K in federal income tax?
1 month ago - 5 answers
Best Answer
Chosen by Asker
It's 10%, up to $8,000. Buy a house for $50k, get $5k. Buy a house for $65k, get $6,500. Buy a house for $80k, get $8k Buy a house for $90k, get $8k. Must close and fund by the end of November. Get on it fast. If it gets extended (I think it will, though this is a HORRIBLE thing for the economy) it won't be announced until late November.
1 month ago
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Other Answers
It is a tax credit. If you don't owe any taxes, you will get a check for $8,000 from the government.
by Mike- 1 month ago
Yes...it would be 8K in your pocket. I just did it back in march and when I filed, I received a refund check that included 8K. This government program expires soon. So if your thinking about buying, get on the wagon now.
by Little Miss Haley- 1 month ago
Maybe - maybe not. Read the guidelines. It's my understanding that it depends on your qualifying and the price of the property you purchase.
by Realtoratheart- 1 month ago
if the price of the house is less than $80,000, then you get 10% of the price - it's 10% UP TO $8,000 Unless you have an accepted offer on a house TODAY and have already been pre-approved for a mortgage and have the appraisal, and home inspections all ready to go and a title agent lined up, you will probably NOT close in time to get the money
by Doctor Deth- 1 month ago