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)

RELOCATING to HARFORD COUNTY, JOPPA MARYLAND HOME SEARCH STATISTICS

RELOCATING to HARFORD COUNTY, JOPPA HOME SEARCH STATISTICS, REALTORS and AGENTS

Relocating to Joppa Maryland Real Estate in Harford County, Homes for Sale, Realtors and Auctioneers, Home Stats for zip code 21085 as of January 2008
2008 2007 % Change
Total Sold Dollar Volume: $ 472,000 $ 2,743,800 - 82.80 %
Average Sold Price: $ 236,000 $ 274,380 - 13.99 %
Median Sold Price: $ 236,000 $ 266,500 - 11.44 %
Total Units Sold: 2 10 - 80.00 %
Average Days on Market: 159 133 19.55 %
Average List Price for Solds: $ 249,900 $ 297,710 - 16.06 %
Avg Sale Price as a
percentage of Avg List Price: 94.44 % 92.16 %
Joppa real estate agents in Maryland, Find and Search for Joppa homes for sale, and Joppa home values in Harford County. Get access to Joppa real estate listings on our website, including the MLS and Homes Database, We are Joppa REALTORS. Find new homes and foreclosures, investment properties with Maryland HOMES Team and Long and Foster Real Estate, Inc. Our real estate services feature all Joppa and Maryland cities and suburbs. We can help you Find Joppa school district information, including elementary, middle and high schools. We also have information on Joppa home selling, home buying and mortgages, movers and other realty services for anyone looking to sell a home or buy a home in Joppa Maryland. Become a VIP Buyer and start receiving HOT NEW LISTINGS that match your home buying criteria. Start searching for Homes in Joppa today!
Maryland HOMES Team provides Joppa, Maryland real estate information and resources to guide homeowners and homebuyers through the process of selling and buying a house, condo, town home, land or other Joppa realty property. Long and Foster Real Estate, Inc. has services to help you find a Top Joppa real estate broker or agent, get the value of your Joppa home and a comparative market analysis (CMA), view Joppa real estate and MLS listings, prepare and stage your home for sale, and lots more.
Our real estate library of valuable information located at www.VIP.MarylandsHomeTeam.com which contains articles to help anyone selling a home or buying a home learn more about Joppa realty services, and how to choose a work with Robert B. McArtor, your Joppa REALTOR. Through our Team Members, we also provide real estate and financial services to our clients looking for houses for sale or selling their home in Joppa, MD, such as mortgages, credit history, new homes, foreclosures and other services. If you plan to do for sale by owner (FSBO), with Robert B. McArtor, you are connected to Joppa real estate companies, agencies and resources to sell or buy a home. Whether you say REALTOR®, reality, realety, realty, real estate or realestate, Maryland HOMES Team will speak your language. Contact us Toll Free at 1-877-421-SOLD or Robert McArtor directly at 443-392-4833. Robert B. McArtor is also available for BPO's and REO listings in the Baltimore Metro, Baltimore County, Cecil County areas, Harford County

MARYLAND HOME SALES DROP 32%, NOW IS THE TIME TO BUY A HOME IN MARYLAND, BALTIMORE, HARFORD COUNTY

MARYLAND HOME SALES DROP 32%, NOW IS THE TIME TO BUY A HOME IN MARYLAND, BALTIMORE, HARFORD COUNTY

Home sales in Maryland have dropped 32% this year. Are you waiting for a better time to buy a home in Maryland, Baltimore, Harford or Cecil County? There are some fantastic mortgage programs out there. Let our experienced team assist you in the purchase or sale of your home in Maryland.
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 in Maryland, 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. The Auction Method of Selling is still a very viable way to liquidate an un-wanted property. We handle all types of Investment Properties by Auction and Traditional Sales through-out Baltimore City, County and Maryland
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 Maryland Real Estate Auctioneers.
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. The right price for your property is the one set by a competitive market. There is no faster, more direct way to ascertain your property's value than with Robert B. McArtor, recognized REALTOR® with Long and Foster Real Estate, Inc. and Auctioneer. Our aggressive, customized marketing programs are specifically designed to attract the largest possible pool of qualified buyers. Through the competitive bidding process, buyers and sellers quickly learn what the market will pay for a property.

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BRAC, APG, Relocating To Maryland, Harford, Baltimore or Cecil County

Your Official Base Realignment, BRAC, Relocation Website serving Harford County, Baltimore County and Cecil County Areas. Start Your Home Search Here!

The Base Realignment and Closure, ( BRAC ) process allows the Department of Defense to transform its infrastructure to meet the future needs of the military. As a result of this process, some communities in Maryland and APG will experience an increase in military activity and associated community growth such as the need for availability of homes in Harford, Baltimore, Cecil County, while others are faced with a significant base closure and associated economic distress.

An increase in military activity may challenge a community’s capacity to absorb an influx of personnel and may place excessive demands on some off-base community services and facilities in Harford County,Cecil County and Baltimore County Maryland. Experience suggests that off-base housing scarcity and school overcrowding are areas of shared community and military concern. The community and the military alike must strive to maintain and improve the quality of life for local residents, including the new military personnel and their dependents.

HOUSING: Some communities experience a slowdown in local housing sales the moment a closure is announced, while sales in others continue unaffected. The drawdown of personnel may affect local renters and homeowners. The Service Human Resources Office should be able to provide a residential profile of the base population. On the basis of this profile, lenders, property owners, and community leaders can anticipate vulnerabilities and work with the local redevelopment organization to identify sources of assistance.

Personnel who are transferring with military functions may find it difficult to sell their homes in a slow market, or they may experience devaluation because of the base closure. Assistance for these housing issues is available through the DoD Homeowners Assistance Program.

For growing installations such as APG, some Maryland communities in Harford, Baltimore, Cecil County may not have adequate housing for incoming personnel. Robert B. McArtor and The Maryland HOMES Team will help you assess the local housing market and help plan your relocation to the area.

Robert B. McArtor, The Maryland Homes Team and Long & Foster Real Estate, Inc. welcomes you to Maryland. We understand that this extensive relocation period can be stressful. We want to assure you the most courteous and professional transition possible. Looking for Homes in Maryland is made easy through this website. You can search for Homes Now using our Homes Database. Whether you are looking to purchase or rent a home. This is the last stop you need to make. Let us preview the homes for you. Harford County,Baltimore County and Cecil County offers a variety of Townhomes, Single Family Homes, Condominiums, Waterfront Homes to choose from. If you need help in finding a home in Maryland. Please feel free to Become a VIP Buyer for BRAC civilians relocating to our area. Start your home search here or call us today! Direct at 443-392-4833 or Toll Free 1-877-421-SOLD!