Brett Wood

$8000.00 TAX CREDIT! TIME IS RUNNING OUT!!!!

Hello, I am sure by now many of us have heard of the $8000.00 TAX credit for first time home buyer's. But, how many of you realize that you have November 30, 2009 to close on a home to be eligible for the TAX credit?

Do you know that if you have not owned a home in the last three years as a primary residency then you qualify for the TAX credit as well?

What exactly is a TAX credit you may ask? Well it is not a TAX deduction, a TAX credit is a dollar for dollar reduction of your tax liability, you are able to take it in the year in which you make your purchase! But, there is more good news! Owning a home also allows an ongoing TAX deduction of the interest paid on the home during the tax calendar year!! That is a great deal as well!!

I bet you are wondering what types of homes are eligible for the TAX credit. Many types of homes are eligible such as Single Family, Condos and Townhomes purchased as a primary residency.

So what types are not included, well they are rental properties, if you purchase a home and decide to rent it out within the first three years from the purchase date an acceleration or recapture of the TAX credit is due at the time the home is rented. You must live in the property as a primary residency for the first three years.

There is so much more information that I would love to share with you about the TAX credit.

You may be asking yourself where do I begin to take advantage of this opportunity and more importantly begin the process of buying a home.

Well, I have more good news. If you contact me today I would be more than happy to help you through the entire process of buying a home. I am a licensed real estate agent in the state of Kansas, and love what I do.

I look forward to working for you in the near future.

Brett Wood
Wood Team KC
913-568-4709

Each day I wake up I am stoked to be doing what I love to do. I have truly been blessed! My personality is that of a servant, I love to help people; no matter what their needs are. Each day I am allowed to assist people with their real estate needs, help them make their dreams come true or assist them out of a difficult real estate situation.

Buying and selling a home is not about the money that can be made, it is about seeing the face of a client when an offer is accepted, when a property closes. Man I feed off that!

I love it when I sit down with wide eyed first time buyers (who are timid about buying a home) for their first consultation. I love to explain to them exactly how the home buying process works, what inspections actually do for them and where the best lenders are. I love interviewing them about the needs and wants in a home and watch as that sparkle in their eye focuses in on their dreams. What a feeling! I like the chuckle I get each time a buyer falls in love with a home that they adamantly told me was not the floor plan that they wanted. Happens more than I can count.

I love listing a home for sellers so they can move on to a different phase of their life. I enjoy the conversation around pricing and the day their first showing happens. As everyone is they are so excited to get that agent feedback from the showing, hoping that an offer is on it's way. I love it when I get the opportunity to present the offer to them, help them negotiate through the contract and set that close date. You can literally see the relief fly out of their mouth on a deep, long sigh.

I know that I am not alone when I say I love what I do, for if I didn't I would not do this for a living. Being a Realtor takes a lot of time, effort, patience and continual growth. It is not everyone that can spend most of their time focused on other people, and that is exactly what it takes to be successful in this business. Like I said, it is not about the money, it is about the relationships that you build, the satisfaction you get by helping someone else.

Make it a wonderful day!

2009 First-Time Home Buyer Tax Credit Fact Sheet

Who is Eligible

• The $8,000 tax credit is available for first-time home buyers only.
• The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase.
• All U.S. citizens who file taxes are eligible to participate in the program.

Payback Provisions

• The tax credit is a true credit. It does not have to be repaid.
• The only repayment requirement is if the home owner sold the home within three years after the purchase.

Income Limits

• Home buyers who file as single or head-of-household taxpayers can claim the full $8,000 credit if their modified adjusted gross income (MAGI) is less than $75,000.
• For married couples filing a joint return, the income limit doubles to $150,000.
• Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time home buyer tax credit.
• Married couples who earn between $150,000 and $170,000 are eligible to receive a partial first-time home buyer tax credit.
• The credit is not available for single taxpayers whose MAGI is greater than $95,000 and married couples with a MAGI that exceeds $170,000.

Effective Dates for the Tax Credit

• First-time home buyers would receive an $8,000 tax credit for the purchase of any home on or after January 1, 2009 and before December 1, 2009. To qualify, you must actually close on the sale of the home during this period.

Tax Credit is Refundable

• A refundable credit means that if you pay less than $8,000 in federal income taxes, then the government will write you a check for the difference.
• For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $3,000 payment from the government.
• If you are due to receive a $1,000 tax refund from the government, your refund would grow to $9,000 ($1,000 plus $8,000 from the home buyer tax credit).
• Buyers can take the tax credit on their 2008 or 2009 income tax return.

Types of Homes that Qualify for the Tax Credit

• All homes, whether single-family, townhomes or condominium apartments will qualify, provided that the home will be used as a principal residence and the buyer has not owned a principal residence in the prior three years. This also includes newly-constructed homes.

To begin your home buying process please contact me by using the below information.

Brett Wood
Keller Williams Diamond Partners
913-568-4709
brett.wood@kw.com
www.woodteamkc.com

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Welcome to this outstanding town home in Overland Park KS. This pristine home can be found in the Wilderness community and is priced 16,000 below cost to build in 2006.

The home has many upgrades including hardwoods, tile, frieze carpet, cherry cabinets, walkout basement and all appliances stay, including the washer and dryer.

The community has outstanding benefits that include a million dollar club house, walking trails, play area, tennis courts, lake, workout facility, no water bill and no trash pickup costs and much more.The home sits on top of a hill and walks out to green space. The view from the kitchen and master suite is stunning and overlooks endless nature.

• 3 bedroom
• 2.5 bath
• Walkout basement
• Two car attached garage
• Hardwoods
• Tile
• Cherry cabinets
• Frieze carpet
• Oustanding view
• Tons of community amenities

Contact me today to make this home yours!

Brett Wood
Keller Williams Diamond Partners
913-568-4709
brett.wood@kw.com
www.woodteamkc.com