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 Home Buyer Tax Credit
Source: Sid Cameron
Fri, Mar 12th, 2010 6:23 pm

Click to Play Video on the First Time Home Buyers Tax Credit Program

(To place this video on your own website, simply cut and paste the code below to your own webpage.)



Official IRS Form 5405- First-Time Homebuyer Credit and Repayment of the Credit


Official HUD-1 Settlement Statement (i.e. Proof of Purchase Form).  Please discuss with your REALTOR, lender or finance, legal or tax professional about how to get this form filled out properly


Script of the video:

Welcome to HomeRoom, your school for home buying tips.

If you’ve been thinking about buying a home or changing homes, then you need to listen up because today I’m going to talk about the US Government's Home Buyer Tax Credit that ends on April 30.

The home buyer tax credit is $8,000 of money the government is handing out to qualifying first time home buyers. And the good news is that they improved the program last November by expanding it so repeat home buyers can also get a check of up to $6,500.

So let’s start with first time home buyers. First off, first time buyers doesn’t really mean you have to be a true first time buyer! This program is for anyone that hasn’t owned a home in the past three years. So even if you have owned a home before, as long as it was more than 3 years ago you’re considered a first time homebuyer!

And if you buy a home before the deadline, you can get a tax credit of up to 10% of the purchase price - or a maximum of $8,000. In other words, if you buy a house for $80,000 or more, you get an $8,000 tax credit!

Also, since this program was extended last November, more people now qualify. Individuals who earn $125,000 or less or families that earn $225,000 or less now qualify.

By the way, when they call this a tax credit, that’s actually kind of a confusing term because it can end up being real money in your pocket.

You see, when you submit your tax return you simply fill out the Qualification Form and submit your proof of purchase for the home. Then you can take up to $8,000 right off your taxes.

And if you owe less than $8,000? Well the government is going to write you a check for the difference! So for example, if you only owe the government $3,000 in taxes then you get a check for $5,000!

And if owe nothing then you get a check for the full amount!

Now I mentioned earlier that this program was expanded to include current home owners as well. Here’s how that works. If you’ve owned your own home as a primary residence for 5 or more consecutive years in the last 8 years and buy a new primary residence between November 7, 2009 and April 30, 2010 you may also qualify for a tax credit of up to $6,500.

However the home you buy does need to be $800,000 or less but the good news is that it doesn’t matter what kind of home you’re moving to so you can move up to a nicer home or downsize to a smaller, cheaper home and still qualify.  You can even lease your current home and buy a new primary residence.

But the most important thing, and I can’t emphasis this enough, is that these tax credit expire very soon. In order to qualify, you MUST, MUST, MUST have a home under contract no later than April 30, 2010 and the home MUST fund and close no later than June 30.

That means if you haven’t already begun looking, you need to start soon!

As this is a government program, there’s naturally a lot of fine print- and we’re not going to cover it all in this video, so you need to contact your realtor or visit our website for all the details.

But here's some details to know: This program is not only for homes, you can also purchase condos, townhomes, manufactured homes- heck, even some kinds of houseboats will qualify.

And if you’re in the military and have been serving outside the United States for the past 90 days then you may qualify to get an extension for an extra year.

If you want all the details, visit our website at www.stlagent.com and click on the tax credit link at the top of the website or feel free to call Kimberly or Randee at The St Louis Agent Team of RE/MAX Properties West at 314-598-4040.

And for more real estate information, remember to follow us on You Tube at www.youtube.com/stlagent.

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Kimberly Cameron, Team Leader
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