With all the taxpayers money the government is throwing around, shouldn’t the common folk get a piece of the pie instead of giving it all away in bonuses to corporate executives? Is there a bailout bill for home buyers?
Will it really help the economy to make sure that CEOs don’t have to give up buying their fourth Rolls Royce? Or would it be better to help people getting a financial start to buy their home?
Of the hundreds of billions in bailout money, there is very little to help people really struggling with economic hardship. There is one measure that helps first time home buyers. The federal government is offering a tax credit of up to $8000 on the purchase of a home.
Since today is tax day, this is a good time to think about what it would be like to have to pay $8000 less on your federal income tax. So what if you don’t owe any tax?
The tax credit is fully refundable. So even if you don’t have to pay any tax, you can get a check in the mail for up to $8000 when you buy your first home.
Ok, it isn’t a six digit bonus, but it’s better than nothing, isn’t it?
So how can you get your tax credit?
- To qualify, you must not have owned your principal residence for the past three years. If married, your spouse cannot have owned their principal residence for the same period.
- Have an income of less than $95,000 or $170,000 if filing jointly.
- Purchase a house between January 1 2009 and November 30 2009 for use as your principal residence.
- File Form 5405 with your federal income tax return.
- To qualify for the maximum amount you must purchase a home for more than $80,000 and have an adjusted gross income of less than $75,000 single or $150,000 joint.
Strangely enough, this tax credit is available if you have owned a vacation property, but rented your principal residence for the past 3 years, as long as you are buying a house as your principal residence. So how’s that for a bailout bill?
For more great tips on buying a home get updates from Real Estate Search Direct.
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Nice choice for a photo for this post. It’s pretty scandalous what is going on in the U.S. I remember reading that when their were similar bailouts in the U.S. in the 70s that the corporations had to hand over shares to the Fed. Governement and later the corporation (Chrysler) had to buy them back.
Doesn’t surprise me that Obama is not doing anything. He is nothing new.
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Thanks David,
I thought the photo was appropriate for an April 15th post.
President Obama said he plans to make April 15th less of a pain for taxpayers. He is going to rewrite the IRS code. That is a huge project.