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          Home Sequim Real Estate

          First Time Home Buyers Get $8,000 Tax Credit

          Chuck Marunde by Chuck Marunde
          February 19, 2010
          Reading Time: 1 min read
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          Sequim first time home buyers have an opportunity.   If you’re a first time home buyer, you can take advantage of the lowest prices in real estate in decades, the lowest interest rates in decades, and on top of that an $8,000 tax credit! Here’s how it works.

          • The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
          • The tax credit does not have to be repaid.
          • The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
          • The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
          • Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

          This is a great time to buy a home in Sequim or Port Angeles and a great time to build a home, but if you wait too long, you will lose the benefit of low prices and low interest rates.

          Last Updated on February 19, 2010 by Chuck Marunde

          Tags: $8000 tax creditfirst time home buyers
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          Chuck Marunde

          Chuck Marunde

          Chuck grew up in remote Alaska, graduated from the University of Alaska with a degree in Economics and Teacher Certification, and after teaching high school for two years, went to law school at Gonzaga University in Spokane, Washington. He served four years as a Captain and JAG in the USAF at Nellis AFB in Las Vegas. After practicing real estate law for 20 years in Washington, Chuck founded iRealty Virtual Brokers covering Sequim and the beautiful Olympic Peninsula. He is the author of 2,200 real estate articles and a dozen real estate books, and he produced over 100 real estate videos. Chuck combined his love for real estate and technology to create a massive Internet presence, and his articles and videos and books have been viewed by millions. Chuck is a well recognized real estate expert and his counsel is sought by other brokers and practicing attorneys around the country. Buyers from New York to Hawaii and from Florida to Alaska seek him out to retain him as their buyer's agent, and home owners around the State of Washington seek him out because of his new Flat Fee Listing Service. 

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          Comments 2

          1. home loan modification says:
            14 years ago

            Thanks for posting this great article, it is informative and relavent. This tax credit is a thing of beauty. I do not think there would be many first time home buyers during 2009 if there was not extra incentive to do so. The economy and financial situations of many of these low income people is just too hectic. But with an $8,000 tax credit, it should help stimulate real estate purchases this year and is a great boost to the economy.

            Reply
          2. Stacy Atkinson says:
            13 years ago

            Actually the deadline has now been extended until April 30th of next year. It isn’t December 1st anymore. That should give people a little more time to shop around and get financing. Also, the annual income limits have been increased to $125K for singles and $225K for couples.

            Stacy
            First Time Home Buyer Tax Credit

            Reply

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