Ten Facts about the $8,000 First-Time Homebuyer Tax Credit

Ten Facts about the First-Time Homebuyer Credit

Many taxpayers who purchase a home in Maryland this year will qualify for an $8,000 federal tax credit. The refundable first-time homebuyer credit is a major tax provision in the American Recovery and Reinvestment Act of 2009. But time is running out to qualify for this credit.

Here are ten things the IRS wants you to know about the first-time homebuyer credit:

1. To be considered a first-time homebuyer, you – and your spouse if you are married – must not have jointly or separately owned another principal residence during the three years prior to the date of purchase.

2. You cannot claim the credit before there is a completed sale and purchase of the residence. The sale and purchase are generally completed at the time of closing on the purchase.

3. To qualify for the credit, the completed purchase must occur before December 1, 2009.

4. The home must be located in the United States.

5. The credit is either 10 percent of the purchase price of the home or $8,000, whichever is less.

6. The amount of the credit begins to phase out for taxpayers whose modified adjusted gross income is more than $75,000 or $150,000 for joint filers.

7. The credit is fully refundable. A homebuyer with no taxable income, who qualifies for the credit, may file for the sole purpose of claiming the credit and receive a refund. The credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

8. The credit is claimed on IRS Form 5405, First-Time Homebuyers Credit.

9. Taxpayers can claim the credit for a qualified 2009 purchase on either their 2008 or 2009 tax return. For those who have filed a 2008 return, a Form 1040X, Amended U.S. Individual Income Tax Return can be filed in order to get a refund in 2009.

10. The credit for qualified 2009 purchases does not have to be repaid, as long as the home remains your main home for 36 months after the purchase date.

Qualified taxpayers who have been considering a main home purchase may find extra incentive from this tax credit to buy now so they can complete the purchase before the December 1 deadline.

 

 

For more information on this and other key tax provisions of the Recovery Act visit the official IRS Website at IRS.gov/Recovery.

Links:
First-Time Homebuyer Credit
YouTube Video - First-Time Homebuyer: English Spanish ASL
Audio File for Podcast - First-Time Homebuyer Credit 2009: English Spanish
The American Recovery and Reinvestment Act of 2009: Information Center
Form 5405, First-Time Homebuyer Credit (PDF)
Form 1040X, Amended U.S. Individual Income Tax Return (PDF)

BUY YOUR FIRST HOME IN MARYLAND and SAVE $7,500 on YOUR INCOME TAXES

The Government is Helping Americans Buy Their First Home.

What an incredible opportunity for first-time homebuyers in Maryland, Harford, Baltimore Cecil County and surrounding areas!

In addition to a huge selection of homes in Maryland to choose from, and near-record low interest rates on solid, 30 year fixed rate mortgages, and far more affordable prices, first-time homebuyers in Baltimore now have the added incentive of a $7,500 federal income tax credit to help them buy their first home!*

Stop Paying Rent! Become a Homeowner instead...>>>

One simple phone call to Robert B. McArtor with Maryland HOMES Team and we will get you on the road to homeownership. Meet with our friendly, knowledgeable Long and Foster real estate staff member. While you're at it, meet with a Prosperity Mortgage loan officer and get pre-qualified for a mortgage.

Search for HOMES ANYWHERE IN MARYLAND ON-LINE Now...>>>

*Legislation has just been passed by Congress and signed by the President, granting first-time homebuyers a tax credit of up to $7,500 on their federal income tax return if they purchase a home between April 9, 2008 and July 1, 2009

TOP MARYLAND AUCTIONEERS and AUCTIONS in BALTIMORE

If you are interested in either listing your home for a Public Auction in Maryland or purchasing residential real estate in Baltimore Maryland. You will find many types of homes for auction in Baltimore Maryland such as Single Family Homes, Condos, Town Homes, Townhouses and building lots, There are many local community events that may be of interest to you and your family. Many of the local events are unique to the Maryland area. Everyone enjoys the outdoor activities Baltimore has to offer as well as the family friendly atmosphere.If you are considering buying or selling or auctioning a home in Maryland, we are the Real Estate Auction Team of Choice. Whether planning to relocate to the area or looking for Auction properties for sale. We will help you look for information about real estate in the surrounding areas. Our complete Auction real estate website is full of resources for everything you need. Access to property listings with photographs and virtual tours can be found on our site by Clicking Here. Our informative website offers a rich library of real estate articles to help guide you through the home buying or selling process. It is so important to find a Realtor, Broker or Real Estate Agent that you can trust. Your search ends here! We are Consultants, Real Estate Agents and Real Estate Auctioneers here to serve your real estate needs. Let us provide you with the information you need. Please do not hesitate to contact Robert B. McArtor, Long and Foster Real Estate, Inc. and Managing Member of Advantage Real Estate Auction Sales, LLC. at 443-392-4833

FREE Quick Over-The-Net Home Evaluation for Homes in Baltimore Maryland, Harford County, Baltimore County and Cecil County Knowing what your home is worth is important information to have if you are thinking of auctioning or traditionally selling your home. Using the information you submit to us, we will conduct a thorough comparative market analysis by searching the database of all homes listed or sold in your area. Even if you are looking for auctions in Maryland. We will be able to determine what your home might sell for if you decided to put it on the market. There is no cost or obligation for this valuable service.

You can become a VIP Buyer and Beat Other Buyers to Hot New Listings in Maryland, Baltimore, Harford County, Cecil County Homes. How To Receive Daily Emails or Printouts of ALL New Listings That Match Your Home Buying Criteria Sent to You FREE of Charge Without Obligation. We will mail/e-mail you new listings (complete with pictures) of ALL MLS properties that match your home buying criteria. Our exclusive Buyer Profile System allows you to pick which homes in Maryland you want to view before other buyers even know about them. As a VIP buyer: You get weekly updates of all new home listings that match your criteria FREE of charge. You get first pick of homes that interest you and the ability to beat other buyers to an offer. Because you're there first, before most other buyers, we are able to negotiate the lowest possible price for you. Most importantly your time isn't wasted viewing homes that don't interest you.

Get a Back Stage Pass and Become a VIP Member! Login and Access the Most Useful Information on Buying or Selling a Home in Maryland, Harford County, Baltimore County, City and Cecil County. Right now, you can take your first-step in educating yourself on Home Buying, Selling and Auctioning. Start exploring the real estate landscape and instantly access our exclusive, rich-media library of special reports and resources. You can also personalize our VIP site according to your needs and wants. Just enter your profile information once you are logged in and instantly access the real estate information that matches your profile.

We are confidant that our VIP site will empower you with the knowledge to make the most educated and profitable home buying and selling decisions using Long and Foster Real Estate, Inc. Equal Housing Opportunity.

FIRST TIME HOMEBUYER, SEARCHING FOR HOMES IN MARYLAND, HARFORD, BALTIMORE COUNTY AND CITY

Don't Pay Another Cent in Rent to Your Landlord in Maryland Before You Read This FREE Special Report for Renters in Maryland, Harford County, Baltimore County, City and Cecil County.
If you're like most renters in Maryland, you feel trapped within the walls of a house or apartment that doesn't feel like yours. Even if you are considering Relocating to Maryland, you feel as if you would need to rent a place first. You also feel as if you're not even permitted to bang in a nail or two without a hassle. You feel like you're stuck in the renter's rut with no way of rising up out of it and owning your own home in Maryland.
Well don't feel trapped any more! A new FREE Real Estate Special Report entitled "How To Stop Paying Rent and Own Your Own Home" has already helped dozens of local renters in Harford County, Baltimore County, Baltimore City, Cecil County by getting out from under their landlord's finger, and move into a wonderful home they can truly call their own. You can make this move too by discovering the important steps detailed in this FREE Special Real Estate Report.
It doesn't matter how long you've been renting, or how insurmountable your financial situation may seem. With the help of this report, it will become suddenly clear to you how you really can save for the down payment and stop wasting thousands of dollars on rent.
Robert B. McArtor and the Maryland HOMES Team will work hard for you. If you are thinking of an auction, we can service your needs as well. With excellent job opportunities that Maryland has to offer, we can help you with your home buying dreams. We are prepared to help you relocate due to BRAC. Whether you are relocating from abroad, or are an established business or resident, We can help you find the Home of Your Dreams.
Your Real Estate Leaders in Maryland, Harford County, Baltimore County, City and Cecil County when you are looking for Real Estate in these areas, Robert B. McArtor with Long and Foster Real Estate, Inc. is your Real Estate Team of choice.
Robert B. McArtor, REALTOR and Auctioneer with Long and Foster Real Estate, Inc. is there to help you find your next home. Call me today 410-879-0622 or visit our Website at Maryland HOMES Team!
If you are looking for an experience REALTOR, Real Estate Agent or Auctioneer serving the Baltimore, Harford County, Baltimore City and Cecil County Area, your search has ended. Whether you are Relocating to Maryland, Buying a Home, Selling a Home or considering the Auction Method of Marketing your property. Robert McArtor, REALTOR with Long and Foster Real Estate, Inc. and noted Licensed Auctioneer is here to serve you. Have your questions answered immediately by calling him direct. As a gift to you, please visit my REALTOR website and recieve FREE Reports on Buying and Selling a Home in Maryland.
FREE Quick Over-The-Net Home Evaluation for Homes in Maryland, Harford County, Baltimore County, City, and Cecil County Knowing what your home is worth is important information to have if you are thinking of selling your home. Using the information you submit to us, we will conduct a thorough comparative market analysis by searching the database of all homes listed or sold in your area. Even if you are looking for auctions in Maryland. We will be able to determine what your home might sell for if you decided to put it on the market. There is no cost or obligation for this valuable service.
You can become a VIP Buyer and Beat Other Buyers to Hot New Listings in Maryland, Baltimore, Harford County, Cecil County Homes. How To Receive Daily Emails or Printouts of ALL New Listings That Match Your Home Buying Criteria Sent to You FREE of Charge Without Obligation. We will mail/e-mail you new listings (complete with pictures) of ALL MLS properties that match your home buying criteria. Our exclusive Buyer Profile System allows you to pick which homes in Maryland you want to view before other buyers even know about them. As a VIP buyer: You get weekly updates of all new home listings that match your criteria FREE of charge. You get first pick of homes that interest you and the ability to beat other buyers to an offer. Because you're there first, before most other buyers, we are able to negotiate the lowest possible price for you. Most importantly your time isn't wasted viewing homes that don't interest you.
Get a Back Stage Pass and Become a VIP Member! Login and Access the Most Useful Information on Buying or Selling a Home inMaryland, Harford County, Baltimore County, City and Cecil County. Right now, you can take your first-step in educating yourself on Home Buying, Selling and Auctioning. Start exploring the real estate landscape and instantly access our exclusive, rich-media library of special reports and resources. You can also personalize our VIP site according to your needs and wants. Just enter your profile information once you are logged in and instantly access the real estate information that matches your profile.
We are confidant that our VIP site will empower you with the knowledge to make the most educated and profitable home buying and selling decisions using Long and Foster Real Estate, Inc.
HOME MARKET WATCH NEWSLETTER. Each month, we publish a series of articles of interest to homeowners looking to Auction, Buy or Sell their Home Traditionally in the Maryland, Baltimore, Harford, Cecil County areas. -- money-saving tips, household safety checklists, home improvement advice, real estate insider secrets, etc. Whether you currently are in the market for a new home, or not, we hope that this information is of value to you. Please feel free to pass these articles on to your family and friends.

FIRST TIME HOME BUYER in MARYLAND, LOOKING FOR HOME, HOMES IN HARFORD, BALTIMORE, CECIL COUNTY

FIRST TIME HOME BUYER IN MARYLAND, LOOKING FOR HOME, HOMES IN HARFORD, BALTIMORE, CECIL COUNTY
Don't Pay Another Cent in Rent to Your Landlord in Maryland Before You Read This FREE Special Report for Renters in Maryland, Harford County, Baltimore County, City and Cecil County.
If you're like most renters in Maryland, you feel trapped within the walls of a house or apartment that doesn't feel like yours. Even if you are considering Relocating to Maryland, you feel as if you would need to rent a place first. You also feel as if you're not even permitted to bang in a nail or two without a hassle. You feel like you're stuck in the renter's rut with no way of rising up out of it and owning your own home in Maryland.
Well don't feel trapped any more! A new FREE Real Estate Special Report entitled "How To Stop Paying Rent and Own Your Own Home" has already helped dozens of local renters in Harford County, Baltimore County, Baltimore City, Cecil County by getting out from under their landlord's finger, and move into a wonderful home they can truly call their own. You can make this move too by discovering the important steps detailed in this FREE Special Real Estate Report.
It doesn't matter how long you've been renting, or how insurmountable your financial situation may seem. With the help of this report, it will become suddenly clear to you how you really can save for the down payment and stop wasting thousands of dollars on rent.
Robert B. McArtor and the Maryland HOMES Team will work hard for you. If you are thinking of an auction, we can service your needs as well. With excellent job opportunities that Maryland has to offer, we can help you with your home buying dreams. We are prepared to help you relocate due to BRAC. Whether you are relocating from abroad, or are an established business or resident, We can help you find the Home of Your Dreams.

Your Real Estate Leaders in Maryland, Harford County, Baltimore County, City and Cecil County when you are looking for Real Estate in these areas, Robert B. McArtor with Long and Foster Real Estate, Inc. is your Real Estate Team of choice.
Robert B. McArtor, REALTOR and Auctioneer with Long and Foster Real Estate, Inc. is there to help you find your next home. Call me today 410-879-0622 or visit our Website at Maryland HOMES Team!
If you are looking for an experience REALTOR, Real Estate Agent or Auctioneer serving the Baltimore, Harford County, Baltimore City and Cecil County Area, your search has ended. Whether you are Relocating to Maryland, Buying a Home, Selling a Home or considering the Auction Method of Marketing your property. Robert McArtor, REALTOR with Long and Foster Real Estate, Inc. and noted Licensed Auctioneer is here to serve you. Have your questions answered immediately by calling him direct. As a gift to you, please visit my REALTOR website and recieve FREE Reports on Buying and Selling a Home in Maryland.

FREE Quick Over-The-Net Home Evaluation for Homes in Maryland, Harford County, Baltimore County, City, and Cecil County Knowing what your home is worth is important information to have if you are thinking of selling your home. Using the information you submit to us, we will conduct a thorough comparative market analysis by searching the database of all homes listed or sold in your area. Even if you are looking for auctions in Maryland. We will be able to determine what your home might sell for if you decided to put it on the market. There is no cost or obligation for this valuable service.

You can become a VIP Buyer and Beat Other Buyers to Hot New Listings in Maryland, Baltimore, Harford County, Cecil County Homes. How To Receive Daily Emails or Printouts of ALL New Listings That Match Your Home Buying Criteria Sent to You FREE of Charge Without Obligation. We will mail/e-mail you new listings (complete with pictures) of ALL MLS properties that match your home buying criteria. Our exclusive Buyer Profile System allows you to pick which homes in Maryland you want to view before other buyers even know about them. As a VIP buyer: You get weekly updates of all new home listings that match your criteria FREE of charge. You get first pick of homes that interest you and the ability to beat other buyers to an offer. Because you're there first, before most other buyers, we are able to negotiate the lowest possible price for you. Most importantly your time isn't wasted viewing homes that don't interest you.

Get a Back Stage Pass and Become a VIP Member! Login and Access the Most Useful Information on Buying or Selling a Home inMaryland, Harford County, Baltimore County, City and Cecil County. Right now, you can take your first-step in educating yourself on Home Buying, Selling and Auctioning. Start exploring the real estate landscape and instantly access our exclusive, rich-media library of special reports and resources. You can also personalize our VIP site according to your needs and wants. Just enter your profile information once you are logged in and instantly access the real estate information that matches your profile.
We are confidant that our VIP site will empower you with the knowledge to make the most educated and profitable home buying and selling decisions using Long and Foster Real Estate, Inc.

HOME MARKET WATCH NEWSLETTER. Each month, we publish a series of articles of interest to homeowners looking to Auction, Buy or Sell their Home Traditionally in the Maryland, Baltimore, Harford, Cecil County areas. -- money-saving tips, household safety checklists, home improvement advice, real estate insider secrets, etc. Whether you currently are in the market for a new home, or not, we hope that this information is of value to you. Please feel free to pass these articles on to your family and friends

MARYLAND AUCTIONEERS, AUCTIONS and REAL ESTATE SALES in BALTIMORE, HARFORD COUNTY

MARYLAND AUCTIONEERS, AUCTIONS and TOP REAL ESTATE AUCTIONS in BALTIMORE

YOU WANT TO MAKE THE RIGHT DECISION! Making the decision to auction your Home or Real Estate can be stressful. Making the decision of HOW to Auction your Real Estate can be confusing and stressful. The decision you make can impact the return you receive on your invested dollars in several important ways. At Advantage Real Estate Auction Sales we realize what an important business decision this is for you. We have been there!

At Advantage Real Estate Auction Sales, our buyers have confidence that an auction conducted by Advantage is as advertised, the property will be sold, and buyers are not wasting their time and incurring unnecessary expenses. Therefore, Advantage auction attracts more qualified buyers.

WE ARE MARYLAND AUCTIONEERS. Other Auctioneers in Maryland are A.J. Billig, Alex Cooper, Express Auctions, Charles Parrish with Auction Brokers.

What are the benefits of selling by Public Auction?

• Sell in about 30 days or less
The more expensive or unique a property in Maryland is, the longer it typically takes to sell your property using ordinary methods.This is due to an often limited market for these properties. Having a specified date on which you intend to sell creates a sense of urgency with potential buyers, and helps to speed up the entire sales process. REALTORS can be very helpful in marketing your property by traditional methods....auctions motivate!

• Get maximum exposure by using the Auction Method
By compressing the sales period, we can carry out a more aggressive marketing strategy, providing maximum visibility for your property. In addition, we can tailor our campaign to reach the target market most likely to be interested in your property.

• Get a fair market price at Auction
A Real Estate Auction eliminates pricing problems because it establishes the real market price that day for the property under the auction terms of sale.

• Gives you control over the sales process
You set the date and time of the sale, the terms and conditions such as earnest money deposits, closing time frames, and more. Because potential buyers know you are committed to sell on a specific date, they do their homework in advance and show up prepared to bid, freeing you from the hassle of dealing with insincere offers, prospects, and contract contingencies.

• Eliminate the cost of carrying your property in Maryland
A property that remains on the market for an extended period can become a serious drain on the owner and the owner's equity. Mortgage payments, maintenance, taxes and insurance can add up to thousands of dollars a month for some properties. An Advantage Auction in Maryland helps you eliminate those costs that erode your equity, and will often net you the highest price possible.

• Reach the broadest possible universe of qualified bidders in Maryland
Our experienced marketing staff at Advantage Real Estate Auction Sales, LLC. knows how to put together the right combination of advertising (local, regional, national and international, depending on your needs), direct mail (using our proprietary database of extensive prospective buyers), public relations and direct sales efforts to bring your property to the attention of qualified prospects wherever they may be.

If you have questions, feel free to email Robert McArtor, info@harfordadvantage.com or call 410-879-0622

Ethics:
At Advantage Real Estate Auction Sales, our buyers have confidence that an auction conducted by our Team is as advertised, the property will be sold, and buyers are not wasting their time and incurring unnecessary expenses. Therefore, Advantage auction attracts more qualified buyers.There are some companies in our industry that do not recognize the same responsibility and as a result, they cannot provide the same group of qualified buyers or the largest possible group of qualified buyers that an Advantage auction can provide.Such practices by some competitors may include such unethical or illegal practices of advertising an auction as absolute, meaning the property will sell without reserve, when in reality the auction company and seller have an agreement to cancel the auction or withdraw the property from the auction if some predetermined opening bid is not received.We support the industry's standards of not engaging in such practices. As a result, Advantage buyers act with confidence and you, the seller, receives maximum benefit of your marketing dollars by having more bidders on auction day.

MARYLAND NON-RESIDENT SELLER WITHHOLDING TAX, REAL ESTATE

CHANGES TO THE MARYLAND NON-RESIDENT SELLER WITHHOLDING TAX, REAL ESTATE
Please note upcoming changes to the Maryland Non-Resident Seller Withholding Tax and the Prince George's County Recordation Tax rates for 2008
Maryland Tax Rate Changes
The Maryland Non-Resident Withholding Tax Rate will increase from 6.75% to 7.5% for individuals. The new rate is effective with settlements taking place on or after July 1st. (The 8.25% rate for entities remains unchanged.)
Additionally, the Prince George's County Recordation Tax will increase from $4.40 per $1,000 of sales price to $5.00 per $1,000 effective with settlements taking place on or after July 5th. 2008
Information provided by Robert B. McArtor, REALTOR® with Long and Foster Real Estate, Inc. and a Licensed Real Estate Auctioneer owner of Advantage Real Estate Auction Sales, Inc. in Maryland serving all counties including Harford, Baltimore and Cecil County, City. If you are relocating to Maryland contact us today! 410-879-0622.

Harford County - Your Community - My Profession

First let me say thank you for reading my first posting. I have been asked by several of my past and present clients, "You know, you should share your thoughts". I will be adding more and more to my blog. Some topics you will be reading will deal with...

BRAC

Lending

Buying and Selling Opportunities
When is the Best Time To Sell.....(There is a certain Month you want to list your property in!)

My Performance Guarantees...

And Many Others.........

I look forward to meeting and or hearing from many of you.

Robert B. McArtor