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Colorado Springs Real Estate Brokerage : Jeremy Isaac, Realtor

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More notes on the Federal Housing Tax Credit

Published March 16, 2009 by Carrie

There’s still a lot of questions about the $8,000 first-time home buyer’s tax credit this year, so I thought I’d review some of the questions and misinformation I’ve been hearing.

The $8,000 tax credit is available if you purchase a home between January 1st and December 1st, 2009.  This means that you must close on the home by November 30th.  A lot of people, including some financial professionals,  think that this is available for any home purchase in 2009, but that is not the case.  If you close on a home on December 31st, you won’t be able to claim the tax credit.  You must have the keys in hand by November 30th.

If you want to get a great deal by buying for a bank-owned or short sale property – and there are plenty of them out there – and plan to claim the tax credit, it’s wise to at least begin your preliminary search now.  Many “distressed” properties can take longer than the traditional 30 days to close, so don’t count on being able to put in an offer on November 1st and close by the 30th.

If you still have questions about who qualifies for the tax credit or how you can buy a home in Colorado Springs and use this credit, call or email Jeremy – 719.231.9053 or jeremy@thecircagroup.com

You also can read more posts about the tax credit:

Common Questions Answered

e-Filing The Tax Credit With Turbo Tax

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(719) 231-9043

jeremy@thecircagroup.com

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Colorado Springs, CO 80920

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