Davidson Realty, Inc.

$8,000 First Time Home Buyer Tax Credit Ends November 30th

October 12, 2009

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Posted by in News

I was surprised to hear recently how many people looking at homes in Northeast Florida have not heard about the $8,000 tax credit for first-time homebuyers. I guess since I eat, sleep and breathe real estate, I assume other people understand what a great deal this tax credit really is.

The tax credit is similar to the Cash for Clunkers program for the car industry except instead of a $4,500 trade-in allowance, you will pay $8,000 less in taxes to the IRS or get an $8,000 federal income tax refund if you do not owe any income tax.

The $8,000 tax credit is available to anyone buying their fist home or anyone that hasn’t owned a home in three years. To qualify for the credit, you have to close on your new home by November 30, 2009. There is talk in Congress of extending the credit into 2010; however, until Congress passes new legislation, no one knows if it will be extended.

The tax credit is equal to 10 percent of the cost of the home, up to a maximum $8,000 credit. There are income limitations to qualify for the full credit. If your adjusted gross income is less than $75,000 for an individual or $150,000 if filing jointly, you will qualify for the full credit. The tax credit does not have to be repaid if you live in your home for at least three years.

If you are considering purchasing a single family home, a townhome, or a condominium, get busy and close on your home before November 30th to benefit from this terrific credit.

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About the Author
Sherry Davidson
President of Davidson Realty

Since launching Davidson Realty in 1989, Sherry Davidson has built the firm to include nearly 60 agents and exceed $100 million in annual sales. She is known throughout the First Coast as an authority on all things residential real estate, having served on the Board of Directors for Northeast Florida Association of Realtors, Florida Realtors® (a division of the National Association of Realtors), and Builders Care (charitable arm of Northeast Florida Builders Association).

Thanks to Sherry’s leadership, Davidson Realty has been recognized as one of the state’s Best Companies to Work For (Florida Trend Magazine), as well as one of the region's Best Places to Work and 50 Fastest Growing Companies (Jacksonville Business Journal). Get to know Davidson Realty’s talented team of agents by clicking here or call us at (904) 940-5000.

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