$8,000 Tax Credit News

Heard about the $8,000 tax credit for new homeowners? If you haven’t been living in a cave the last year, you likely heard that there’s a federal $8,000 tax credit for first-time homebuyers. Now, the most important thing to understand is that this is not a tax deduction, this is a true tax credit. That means you get the whole enchilada: $8,000. That is, if you qualify.

There are also some great places online to learn more about how the tax credit works. Here’s a couple cool things to consider: if you haven’t owned a home for the last three years, you may qualify; you make $75,000 or less? You might qualify. Don’t owe any taxes and wonder if you can get the money? You may still get the $8,000…

Money magazine posted an article earlier this year, and the page on the IRS website has some good Q&A style info for you too. It’s important to also know the rules; such as, there are income guidelines, you need to keep the home for 36 months if you want to keep the $8000, and other items. Check out the IRS website for the details, and if you’re a first-time home buyer who’s ready to make a move, Call, Text, or Email me today!

Zachary Epps, full-time professional Realtor® and EcoBroker® at RE/MAX Alliance Boulder

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