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Federal Tax Credit
Now is the perfect time to buy your first home. Not only is there is a great supply of affordable housing throughout North Texas, but there is a unique $8,000 federal tax credit available to those who purchase their first home before December 1, 2009.
Here are some facts about the tax credit:
- It is available to first time home buyers. Because the IRS defines a first time home buyer as someone who has not owned a principal residence in the previous 3 years, the tax credit is also available to people who previously owned homes but have not done so in the past 3 years.
- The tax credit is for $8,000 or 10% of the purchase price, whichever is less (subject t some limitations).
- The property must be purchased before December 1, 2009.
- The property must be used as your main home (the IRS defines main home as the one you live in most of the time).
- The credit may be applied toward closing costs of an FHA-insured home.
If you are thinking about purchasing your first home and taking advantage of the federal tax credit, you can start your search for a new home right here. Haynsworth Realty offers the most advanced and user-friendly MLS search currently available. Our property search gives you complete and free access to all MLS listings (including foreclosure and short sale listings).
In addition to our property search, the “Buyers” section of this website will provide you with useful information to help you navigate every aspect of the buying process, from identifying your wants and needs to home inspection to closing.
If you have any questions about the tax credit or would like to search for properties, contact us at (214) 738-3342 or begin your online search here.
For specific tax advice, please contact an accounting professional.
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