subject: Fort Lauderdale Real Estate Homebuyer Significant Details Of The First-time Buyer Credit [print this page] If youve been waiting for years to afford a Fort Lauderdale real estate home, now you can through the first-time homebuyer credit. You might have heard of this as the stimulus package introduced in February 2009. This act gives up to $8,000 credit to first-time homebuyers like you. But you have to act fast because buyers are required to close before April 30, 2010 in order to obtain the full credit. And if you're aching for the place to find information on this program, here are the meat-and-potatoes details.
Qualifications
Before you start searching for the Fort Lauderdale real estate property to purchase, you have to first know the requirements of qualifying for the credit. This credit is generally available for buyers with a modified gross income of $125,000 for single buyers and $250,000 for couples. These limitations only apply, though, for homes purchased after November 6. If you purchased a home before that time, you have to adhere to the original $75,000 (single) and $95,000 (couple) income cap.
In addition, you also have to be a first-time Fort Lauderdale real estate homebuyer or first-time homebuyer in general. This means that you must not have owned a home considered as principal property for up to three years leading to your new purchase. This applies for couples, too; both of you, if you have a partner, must not have owned a principal property in the past three years.
Obtaining the credit
If you havent claimed the credit yet, you can now only claim it when you file your tax return for 2010. You also have to watch out for the new First-Time Homebuyer Credit form or Form 5405 from the IRS website. If you're planning to purchase a home just this month of December, you have to use the new form in order to claim the credit; the same goes for others who are claiming the credit on their tax return for this year (2009).
For couples, who are claiming the credit on a joint return, each spouse is entitled for the half of the credit. This means that the amount remains unchanged; still $8,000 up to the 30th of April 2010.
Maybe you're wondering how you can use this money. Well, this tax credit is tremendously helpful if you're short of down payment. However, you must make sure that your Fort Lauderdale real estate purchase is bought during the qualifying period of the credit, which is until April 30. Even then you may still qualify but only for a $2,000 credit.
