Finding out more about the $8,000 Tax Credit

If you're an Austin, Texas first-time buyer who has questions about the stimulus package tax credit, here are a few basics and resources for finding out more.

FEDERAL HOUSING TAX CREDIT (American Recovery and Reinvestment Act of 2009) FAQ:

- The $8,000 is a tax credit, not a tax deduction.

- To qualify, you must be a first-time homebuyer or you must have not owned a property for three years.

- To retain the credit, you must maintain ownership of the home for three years after closing.

- To receive the credit, you must close on your property by December 1, 2009.

- There is an income maximum of $75,000 for individuals and $150,000 for couples on the credit. Those earning more may be able to receive a portion of the credit, but not the whole thing.

- The tax credit is equal to 10 percent of the home's price up to a maximum of $8,000.

- Condos and townhomes do qualify for the tax credit!

- The home purchase must be for a primary residence, not an investment property.

- The tax credit is refundable - you do not need to have paid in $8,000 in income tax to get the credit back!

For more information, see the great site http://www.federalhousingtaxcredit.com to get answers directly from the government about the credit.

I have worked with a number of first-time buyers this year who are taking advantage of this program, and would be pleased to help you if you're trying to find an Austin, TX home. Please call me on 512-636-0672 and let me know you saw this post on ActiveRain!