Read this post before you file your 2008 tax return – it may save you thousands. $7,500 to be exact, or twice that amount, if the proposed stimulus bill will pass next week. I am talking about a tax credit for buyers of Columbus Houses. The government offers first time home buyers a $7,500 tax credit, if they purchase a home between April 2008 and July 2009. All Columbus loans and mortgages qualify for this program, as a matter of fact you don’t even have to get a loan to claim the credit, as long as you buy a home. A tax credit actually reduces your taxes (not your income), which means, if you owe the IRS $10,000, your tax bill gets lowered to $2,500. Real money in your pocket This tax credit can be applied to your 2008 or 2009 tax return. If you buy a house before you file your 2008 tax return, you can still take advantage of these savings, and maybe use the new cash for your down payment or closing costs. In its current version the $7,500 tax credit has to be paid back over 15 years – like zero interest Columbus loans. Unfortunately, you can only use it, if you did not own a home for the last 3 years. The government stimulus bill is set to change this. Here are the highlights: the tax credit will be doubled to $15,000 (or 10% of the purchase price, whichever is less). It will be available for ALL residential buyers, not just first time home owners. And finally, you won’t have to pay it back. I predict that this will get the Columbus housing market going again. There will be a demand for Columbus loans and mortgages. So be prepared and get ready to claim your share of the stimulus.
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