$7500 credit for First Time home buyers

I had two buyer clients ask me about the tax credit that is being mentioned in the papers. You must be a first time buyer and there are other restrictions.

Below is a little information about the credit and a few contact numbers for more information..

IRS Issues Guidance on Tax CreditThe IRS has released IR-2008-106, providing some guidance about how individuals who utilize the new $7500 first-time homebuyer tax credit will reflect the credit on their tax returns and receive the benefit from any refund. The notice reinforces the fact that taxpayers will be required to repay the credit, starting with their tax return for 2010, which will be filed in 2011.
The IRS is designing a new Form 5405 for those who utilize the credit. The new form will be included in the Form 1040 packet and filing instructions that are distributed in late December and early January. The new form is not yet posted on the IRS website. While it has not yet officially announced its plans, the IRS will likely use the information on this new form to track the group of taxpayers who use the credit and provide them with instructions on how to make the repayment. This guidance will be issued later.

HOUSING AND ECONOMIC RECOVERY ACT OF 2008
First�time Homebuyer Tax Credit FEATURE
H.R. 3221
Housing and Economic Recovery Act of 2008
Amount of Credit
Ten percent of cost of home, not to exceed
$7500
Eligible Property
Any single�family residence (including condos, co�ops) that will be used as a principal residence.
Refundable
Yes. Reduces income tax liability for the year of purchase. Claimed on tax return for that tax year.
Income Limit
Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000, respectively).
First�time Homebuyer Only
Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.
Recapture
Yes. Portion (6.67 % of credit) to be repaid each year for 15 years. If home sold before 15 years, then remainder of credit recaptured on sale.
Effective Date
Purchases on or after April 9, 2008
Termination
July 1, 2009




Contacts: Linda Goold, 202-383-1083
Contacts: Megan Booth, 202-383-1222
Contacts: Helen Devlin, 202-383-7559

Trouble finding a home in a buyer's market!

Hello everyone,
After 2 weeks of searching all over Charleston, James Island and John's Island for just the right home for my buyer ( I will call her lady B) I have exhausted almost every possibility I know of. I have showed her about 18 homes, driven through countless neighborhoods searching for FSBO signs, been carried away by mosquito's had my buyer's car stuck in a ditch, watched in horror as my buyer (in her golden years) run smack dab into a glass door that was so clean it was invisible to her..searched every site known to man including FSBO sites which I was sorely dissapointed in by the way..I am desperate enough to knock on doors and ask if the owner would sell their house..this sounds like a seller's market situation I realize..but this is actually a situation of a buyer ready to buy but the right home is not available :( I will keep this post going until I am successful or she has given up the fight!

Home for Sale in Charleston SC - 912 Longwood Ln - Patriots Plantation

Beautiful corner lot that backs up to a protected wooded area. On Cul-de-sac in Patriots Plantation. One 1/2 story home with high ceilings, open floor plan, 3 bedrooms downstairs with 4th bedroom or FROG upstairs. Formal dining room, laundry, master suite with walk in closet, dual sinks, separate garden tub and shower. Screened in back porch, privacy fence with 2nd double gate for boat storage in back yard. Brick patio large enough for two tables if desired. Wonderful home with mature trees and landscaping.

For more information, go to:
www.elizabethgroup.net/listings/2827281

107 Acres for sale in Colleton County

Excellent for hunting and timber. Located about 7 miles north of i-95 exit # 42 on US. Hwy. 21. Good stand of 13 year old plantation pines. several roads and feed plots and deer stands throughout the property. Four wheeler trails throughout entire perimeter. Great for recreation while your timber investment grows. There are a couple of pond sites which would be great for fishing. Good deer and turkey hunting. Ask agent for additional pictures of wildlife! home site on wooded tract,4+-acres. Of mixed hardwood and pine near paved road entrance. Approximately 1 hour from Charleston, just far enough to relax but still close enough for an easy travel with family. Get your property for the upcoming deer season. There are beautiful homes up and down cane branch road come see for yourself.


For more information, go to:
www.elizabethgroup.net/listings/2826737

A new real estate website for searching properties in Charleston SC

The Elizabeth Group, LLC announces its new website at www.elizabethgroup.net