Hopefully most of you have heard about portions of the Stimulus Bill that President Obama and our Government passed. There is good news for you first time home buyers or those of you who haven’t owned a home in the last 3 years. There is now an $8,000 tax incentive for buyers that WILL NOT have to be repaid.
If you buy a house anytime between now and December 1, 2009 you will be eligible to deduct up to $8,000 from your taxes over the next 1-3 years (final details still to be released). The credit is only valid for personal residences, sorry, no investment properties. You must also live in the home for 3 years or more or all or a portion of the tax credit will have to be repaid (again, final details still to be released).
All of this is great news for our market AND mainly you buyers that will be able to take advantage of this opportunity. Remember, not only are you going to get an $8,000 tax write off but you will also get all the tax benefits from actually purchasing and owning a home! Your tax refunds will be healthy at the end of the year OR you can have your employer take less out of your paychecks, get more income during the year, and still get a decent tax refund.
As always, feel free to contact me with any questions.
Kevin Schubel
KevinSchubel.com
Kevin.Schubel@gmail.com
360-936-7277
