The 2009 Stimulus Package has brought relief for the existing home owners . The Federal Government also seems to be determined to help the people by announcing Federal Tax Rebate. They have announced several grants & tax rebates for those who are buying a home or a car for the first time. Does anyone get Federal tax rebate for buying a home for the first time?
Here are some important tips and points for Home Buyers to get Federal Tax Rebate:
? The first time home buyers can avail a tax credit up to $ 8,000.
? Unlike the 2008 tax credit, this year’s tax credit does have to be repaid.
? One important criterion you must meet is that the home you buy must be a principal residence.
? Further the purchase date can be anything between January 1, 2009 & December 1, 2009.
? Another important fact you must take note of is that those who have first time purchased a home that is their principal residence on or after April 9, 2008 and before January 1, 2009 now qualify for a tax credit up to $ 7,500 tax credit.
? The exact definition of the first time home owner as stated by the US Federal Government says he / she is some one who has not owned any principal residence for past 3 years or more.
? The income for the single person must be less than or equal to $ 75,000 per annum. In case of the couples it is supposed to be less than or equal to $ 1,50,000.
? Further, the home owner would not be able to sell that house for at least three years from the date of purchase.
? Another simple and key requirement is that the home you buy must be located within US.
By: Sani Orman