"$8000 and a Home" Seminar

From now until the end of November, first time homebuyers (defined as not having owned a home in the last 3 years) can buy a home and get $8000 back from the federal government. Chris Kobz, of WJ Bradley Mortgage Capital Corp., and I will be teaching a free seminar to help people learn how to take advantage of this tax credit and to understand the steps involved in getting a loan and buying a home in the current market. With prices and interest rates at their lowest in years, now is the best time to move from being a renter to being a homeowner.

Come and learn more on Wednesday, September 30th from 12-1 PM at the Chico Association of Realtors building at 1160 E. 1st Ave. (corner of E. 1st and Neal Dow) in Chico.

For more information, call me at 809-3760. RSVP's preferred, though it's okay to invite friends and colleagues to just show up, too.

FYI, the chart below spells out some of the details of the tax credit, which is only good through November 30th.

Homebuyer Tax Credit Chart
find the entire article at:

April 13, 2009
 
Copyright 2009 CALIFORNIA ASSOCIATION OF REALTORS  (C.A.R.). Permission is granted to C.A.R. members only to reprint and use this material for non-commercial purposes provided credit is given to the C.A.R. Legal Department. Other reproduction or use is strictly prohibited without the express written permission of the C.A.R. Legal Department. All rights reserved.
Here’s a summary of the federal tax credit for first-time homebuyers: 
  HOMEBUYER TAX CREDIT
FEDERAL
Amount of Tax Credit
10% of purchase price not to exceed $8,000.
Principal Residence
Yes.  Property purchased must be the taxpayer’s principal residence which is generally the home the taxpayer lives in most of the time (26 U.S.C. § 121).
Type of Property
House, condominium, townhome, manufactured home, apartment cooperative, houseboat, houstrailer, or other type of property located in the U.S.
First-time Homebuyer
Yes. The buyer (and buyer’s spouse if any) must not have owned a principal residence during the three-year period before date of purchase.
Unoccupied Property
No.  Property may have been previously occupied or not.
Minimum Occupancy Requirement
Must be the buyer’s principal residence for 36 months after purchase, otherwise credit must be repaid.
Income Restriction
Yes. Tax credit begins to phase out if modified adjusted gross income is over $75,000 (or $150,000 for joint filers). No tax credit at all if modified adjusted gross income is over $95,000 (or $170,000 for joint filers).
Date of Purchase
January 1, 2009 to November 30, 2009, inclusive.
(Note: A repayable $7,500 tax credit is available for purchases from April 9, 2008 to December 31, 2008.)
Refundable
Yes. Any amount of the tax credit not used to reduce the tax owed may be added to the taxpayer’s tax refund check.
Repayment
The buyer need not repay the tax credit if the buyer owns and occupies the property for at least 36 months after the purchase.
Multiple Buyers
(not married to each other)
The $8,000 tax credit may be allocated between eligible taxpayers in any reasonable manner.
Maximum Credit for All Taxpayers
N/A
When to Claim
Full tax credit may be claimed on 2008 or 2009 tax returns.
Tax Agency
Internal Revenue Service (IRS).
How to File
First-Time Homebuyer Credit
(IRS Form 5405) to be filed with 2008 or 2009 tax returns
When to File Form
Form 5405 must be filed with 2008 or 2009 tax returns.
Exceptions
Acquisitions by gift or inheritance, acquisitions from related persons as defined, and buyers who are nonresident aliens.
Legal Authority
26 U.S.C. section 36.
Date of Enactment
February 17, 2009.
More Information