Tiffany Osterli, REALTOR® - Bringing Your Dreams Home

Yuba City, Marysville, Plumas Lake, Sutter, Live Oak, CA Real Estate and Homes for Sale

BRE #01408438
2008 First-Time Homebuyer Federal Tax Credit
| More
 
 
The 2008 first-time homebuyer tax credit, enacted as part of the Housing and Economic Recovery Act on July 30, 2008, applies to home purchases made after April 8, 2008 and before January 1, 2009.
 
The 2008 credit is essentially a no-interest loan of up to $7,500 or 10 percent of the purchase price of the home, whichever is less.  Typically, repayment is to be made in 15 equal annual installments as a surcharge on the taxpayer's federal income tax return.  To qualify, in general, taxpayers must have purchased their home as their principal residence during the eligibility period, must NOT have owned a home during the three years immediately preceding the purchase, and must NOT have earned more than the program's phase-out income limitations.  Other limitations and requirements apply, as discussed below.
 
Eligibility Requirements:
  • You must have purchased (or built) your home as your principal residence after April 8, 2008 and before January 1, 2009.
  • You must be qualified as a first-time homebuyer, meaning you must NOT have owned your principal residence at any time during the three years immediately preceding the home purchase.
  • You must be a U.S. citizen or resident alien (non-resident aliens are not eligible).
  • Your 2008 modified adjusted gross income (MAGI) must NOT have exceeded $95,000 ($170,000 for joint filers).
  • You must NOT have purchased the home from a close relative (i.e., spouse, parent, grandparent, child, grandchild).
  • You must NOT have been eligible to claim the District of Columbia first-time homebuyer tax credit in any tax year.
  • Your financing must NOT have come from tax-exempt mortgage revenue bonds.

Amount of the Credit:

  • In most cases, the amount of the credit will be the lesser of $7,500 or 10 percent of the purchase price of the home.  For example, if you bought a home for $65,000, your maximum credit would be $6,500 (10 percent of $65,000).  If you bought a home for $120,000, your maximum credit would be $7,500 (because $7,500 is less than $12,000, which is 10 percent of $120,000).
  • In certain cases, where the taxpayer's 2008 MAGI fell within the phase-out range of $75,000 to $95,000 ($150,000 to $170,000 for joint filers), the taxpayer's maximum credit is reduced on a sliding scale, where taxpayers making just over the phase-out threshold max out their credit close to $7,500, while taxpayers approaching the $95,000 phase-out cap max out their credit close to zero.  If your 2008 MAGI fell within the phase-out range, you should consult a qualified tax professional for more information on your maximum credit.

Repayment:

In general, repayment is to be made in 15 equal installments (divide the maximum credit for which you are eligible by 15), starting in the second year AFTER the credit is claimed.  For most people, the first payment will be due with their 2010 income tax return.  Repayment will be made as a surcharge on the taxpayer's tax return.  Exceptions include:

  • Death - If you die before repayment is completed, no additional payments will be required.  Surviving joint filers are responsible only for half of any remaining payments.
  • No longer using the home as your principal residence (i.e., making a second home your primary residence, converting the home to a vacation property, business, rental property, etc.) - You will be required to repay the remaining balance in the tax year with your tax return for the year in which the conversion occurs.
  • Sale of home - If you sell your home, any remaining balance will be due with your tax return for the year in which the conversion occurs, except that total repayment is limited to any gain from the sale of the property.
  • Transfer to spouse (or former spouse in a divorce) - Your spouse (or former spouse) will be responsible for paying the remaining installments each year until the balance is paid.

For more information on the 2008 credit, see the IRS' informational page.

 
As always, for questions on matters pertaining to your personal income taxes, the Dream Team recommends that you consult a qualified tax professional.
 

 

 

real estate
realestate
real estate listings
real estate agents
licensed real estate agents
realty
realtors
REALTOR®
REALTORS®
RE/MAX Gold
REMAX Gold
Dream Team
RE/MAX Gold Dream Team
REMAX Gold Dream Team
houses
homes
property
properties
property listings
short sales
short sale agents
short sale specialists
short sale negotiators
short sale negotiations
short sale information
short sale listings
short sale properties
foreclosure agents
foreclosure specialists
foreclosure information
foreclosure listings
foreclosure properties
foreclosure property
BPOs
broker price opinions
asset valuation
home value analysis
home value estimate
CMAs
comparative market analysis
comparative market analyses
CFKs
cash for keys
foreclosures
avoiding foreclosure
real estate investing
real estate investments
bank-owned
bank-owned real estate
bank-owned property
bank-owned property listings
bank-owned properties
bank-owned homes
bank-owned houses
bank repos
REOs
single family residences
condominiums
condos
townhouses
town houses
townhomes
town homes
duplexes
triplexes
4-plexes
ranchettes
horse properties
lots
land
home buyers
homebuyers
homebuyer tax credits
home buyer tax credits
first time homebuyer tax credit
state homebuyer tax credit
CA first-time homebuyer tax credit
California first-time homebuyer tax credit
state first-time homebuyer tax credit
CA new home purchase tax credit
California new home purchase tax credit
state new home purchase tax credit
Northern California real estate for sale
help for homebuyers
buying a home
buying a house
selling my home
selling my house
relocation
moving to Northern California
moving to Yuba City
moving to Marysville
moving to Plumas Lake
moving to Live Oak
moving to Sutter
moving to Olivehurst
moving to Gridley
moving to Chico
moving to Loma Rica
moving to Biggs
moving to Colusa
moving to Meridian
moving to Williams
moving to Oroville
moving to Linda
moving to Wheatland
moving to Rio Oso
moving to Sheridan
moving to Nicolaus
moving to East Nicolaus
moving to Trowbridge
moving to Lincoln
moving to Pleasant Grove
moving to Elverta
moving to Rio Linda
moving to Verona
moving to Beale AFB
Yuba City, CA
Marysville, CA
Plumas Lake, CA
Live Oak, CA
Sutter, CA
Olivehurst, CA
Gridley, CA
Chico, CA
Loma Rica, CA
Biggs, CA
Colusa, CA
Meridian, CA
Williams, CA
Oroville, CA
Linda, CA
Wheatland, CA
Rio Oso, CA
Sheridan, CA
Nicolaus, CA
East Nicolaus, CA
Trowbridge, CA
Lincoln, CA
Pleasant Grove, CA
Elverta, CA
Rio Linda, CA
Verona, CA
Beale AFB
Beale Air Force Base
Hallwood
District 10
District Ten
Tierra Buena
Sutter County
Yuba County
Butte County
Colusa County
Placer County
Sacramento County
MLS
multiple listing service
Yuba-Sutter MLS
Sutter-Yuba MLS
Yuba City MLS
Marysville MLS
Plumas Lake MLS
Live Oak MLS
Sutter MLS
Olivehurst MLS
Gridley MLS
Yuba-Sutter real estate
Yuba-Sutter homes for sale
homes in the Yuba-Sutter area
houses in the Yuba-Sutter area
Yuba-Sutter short sales
Yuba-Sutter foreclosures
Yuba-Sutter property listings
Yuba City real estate
Yuba City homes for sale
homes in Yuba City, CA
houses in Yuba City, CA
Yuba City short sales
Yuba City foreclosures
Yuba City property listings
Marysville real estate
Marysville homes for sale
homes in Marysville, CA
houses in Marysville, CA
Marysville short sales
Marysville foreclosures
Marysville property listings
Plumas Lake real estate
Plumas Lake homes for sale
homes in Plumas Lake, CA
houses in Plumas Lake, CA
Plumas Lake short sales
Plumas Lake foreclosures
Plumas Lake property listings
Live Oak real estate
Live Oak homes for sale
homes in Live Oak, CA
houses in Live Oak, CA
Live Oak short sales
Live Oak foreclosures
Live Oak property listings
Sutter real estate
Sutter homes for sale
homes in Sutter, CA
houses in Sutter, CA
Sutter short sales
Sutter foreclosures
Sutter property listings
Olivehurst real estate
Olivehurst homes for sale
homes in Olivehurst, CA
houses in Olivehurst, CA
Olivehurst short sales
Olivehurst foreclosures
Olivehurst property listings
Colusa real estate
Colusa homes for sale
homes in Colusa, CA
houses in Colusa, CA
Colusa short sales
Colusa foreclosures
Colusa property listings
Gridley real estate
Gridley homes for sale
homes in Gridley, CA
houses in Gridley, CA
Gridley short sales
Gridley foreclosures
Gridley property listings
Chico real estate
Chico homes for sale
homes in Chico, CA
houses in Chico, CA
Chico short sales
Chico foreclosures
Chico property listings
Wheatland real estate
Wheatland homes for sale
Wheatland property listings

 


California Real Estate Agents W3 Directory - the World Wide Web Directory Real Estate Agents Directory and Homes for Sale
Relocation Real Estate Homes In Other Cities ABC Real Estate Directory Women Business Directory, Business for Women Resources InternationalRealEstateDirectory

Short Sale Specialist Network Member RealEstateBig.com - The Real Estate Directory Best Real Estate Directory with links to real estate agents, home inspections, real estate brokers and real estate appraisals. Find real estate listings, realtors, mortgage rates, home loans, and home buying help Real Estate and Home Buying News USA Real Estate

View My Real Estate Agent Profile E Real Estate Directory.com RealEstateBest.com RealtorFinder.com - Directory of Real Estate Agent, Real Estate Brokers, and Realtor Guide. Real Estate Home Sale - Real Estate Web Portal Directory Real Estate Agents
Tiffany Osterli (RE/MAX Gold): Real Estate Agent in Yuba City, Sutter County, California National Home Search, Plus Real Estate Agent and Lender Directory Valuecom Real Estate Gold RealEstateContacts.com
     
Find Foreclosures Nationwide
     
             
Buying-A-Home.com - Home Buyer Guide Information about common buyer problems every first time home buyer needs to know! | Real Estate Webmasters | Real-Estate-Agents.com | Come watch tv online at WTVR. This site is listed under Residential Directory | LookDirectory.com - links to Look Directory resources and information websites. | Review my Business at MyHuckleberry.Com | World Wide Web Directory | Real Estate Directory of United States - free online catalog of relevant and useful web sites. Free submit a site to United States web directory and link exchange. | Real Estate Directory of California, CA - free United States web directory of relevant and useful web sites. Free submit a site to US web directory. | real estate agents




Home | ==  PROPERTIES  === | Local Listings | Tiffany's Listings | Listings by Map | FREE MLS Search | == FREE SERVICES == | Dream Home Finder | Home Value Analysis | Email Notification | = REAL ESTATE INFO = | About Short Sales | Federal Tax Credit | State Tax Credits | 5 Credit Factors | Real Estate FAQ | === RESOURCES  === | Beale AFB Relocation | Buyer Resources | I'm Ready to Buy | Loan Calculator | Seller Resources | Sell My Home Now | Real Estate News | Utilities/Services | Useful Links | === OTHER INFO === | REO Services | Testimonials | About Tiffany | Contact Tiffany