First Time Home Buyer Tax Credit - Buy Your House in 2009 to Qualify For a Tax Rebate
The 2009 Stimulus Package introduced by President Barack Obama not only saves the house owners.
It also has a lot to offer to the ones planning to buy their dream house as the US Federal Government provides first time home buyer tax credit to these people.
You must understand what exactly the first time home buyer refers to.
According to the US Government, it means the one who does not own any principle home ownership for last three years or more.
Here are some eligibility conditions declared by the Federal Government to avail the home buyer tax credit: .
Firstly you must be a citizen of US.
.
You must be above 18 years of age.
.
The house you are looking for must be in US.
.
The house must be for your principle use only.
.
The house in consideration must not be a gift or an inherited property.
Otherwise you would be deprived of the accessibility to the tax credit.
.
The annual income of a single person must be below or equal to $ 75,000.
.
For couples income has to be less than $ 150,000.
Here are some benefits that this first time home buyer tax credit offers you: .
Unlike the tax credit of the year 2008, the person dos not need to pay it back.
.
The house must be bought between January 1, 2009 & December 1, 2009.
These dates should not be considered as the dates of moving in as these are the dates of purchasing.
Here it can go up to $ 8,000.
.
People who have bought their first home and it is their principal residence on or after April 1, 2008 & before January 1, 2009, now qualify for up to $ 7,500 of tax credit.
.
People can directly contact the HUD (US Federal Housing & Urban Development Department) & the FHA (Federal Housing Administration) through their official website in order to avail the first time home buyer tax credit.
It also has a lot to offer to the ones planning to buy their dream house as the US Federal Government provides first time home buyer tax credit to these people.
You must understand what exactly the first time home buyer refers to.
According to the US Government, it means the one who does not own any principle home ownership for last three years or more.
Here are some eligibility conditions declared by the Federal Government to avail the home buyer tax credit: .
Firstly you must be a citizen of US.
.
You must be above 18 years of age.
.
The house you are looking for must be in US.
.
The house must be for your principle use only.
.
The house in consideration must not be a gift or an inherited property.
Otherwise you would be deprived of the accessibility to the tax credit.
.
The annual income of a single person must be below or equal to $ 75,000.
.
For couples income has to be less than $ 150,000.
Here are some benefits that this first time home buyer tax credit offers you: .
Unlike the tax credit of the year 2008, the person dos not need to pay it back.
.
The house must be bought between January 1, 2009 & December 1, 2009.
These dates should not be considered as the dates of moving in as these are the dates of purchasing.
Here it can go up to $ 8,000.
.
People who have bought their first home and it is their principal residence on or after April 1, 2008 & before January 1, 2009, now qualify for up to $ 7,500 of tax credit.
.
People can directly contact the HUD (US Federal Housing & Urban Development Department) & the FHA (Federal Housing Administration) through their official website in order to avail the first time home buyer tax credit.
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