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. Read more

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