$8,000 Housewarming Gift

$8,000 "Housewarming Gift" Ending November 30, 2009

•· First time homebuyers have a $8,000 tax credit.

•· Homes that qualify MUST BE PURCHASED AND OCCUPIED after December 31, 2008, and before December 1, 2009.

•· Definition of a "first-time homebuyer"? In this situation a first-time homebuyer is an individual who has NOT owned (and whose spouse has NOT owned) a principal residence in the course of the previous three years.

•· ONLY principal residences are eligible for this credit program. Principal residences are homes that are used more than six months out of the year. "Beach houses, condos houseboats or house trailers quality as well as traditional single family homes."

•· Income limitations are: $75,000 - $95,000 annually for individuals and $150,000 - $170,000 annual income for married taxpayers filing jointly. If taxpayers are in the middle of these ranges, eligibility is "pro-rated" so to speak.

•· Another stipulation: if the residence was obtained from a relative (other than a sibling), or as a gift or as an inheritance-it does NOT meet the criteria. Transactions that are part sale and part gift must meet specific requirements.

•· Call us for details

Contact the Franke Team for commercial or residential real estate. Website and blog: www.franketeam.com Phone: 936-647-4400