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How To Make A Quick $8000 In Irving Texas Real Estate

Posted by OReilly and Associates in Dallas-Fort Worth-Arlington, TX on May 06, 2009

The American Recovery and Reinvestment Act of 2009 has been specially implemented to spur millions of borrowers to get off the fence and buy their home now. It is aimed at first time home buyers new to the housing market. The housing part has been specifically named as "Making Home Affordable" program and is targeted towards responsible homeowners who can qualify for the historic low mortgage rates. Plus you will make a quick $8000 if you qualify!!

Who Is Eligible??

First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

What is the definition of a first-time home buyer?
You are considered a first-time homebuyer if:
- You purchased your main home located in the United States after April 8, 2008, and before December 1, 2009.
- You (and your spouse if married) did not own any other main home during the 3-year period ending on the date of purchase.

Do I have to pay the homebuyer tax credit back?

No.You will repay only if the home ceases to be your main home within the 36-month period beginning on the purchase date. The maximum credit is reduced to $4,000 for married individuals filing separately.

How do they determine the purchase date as applied to the cutoff dates?
If you bought an existing home, the date of purchase is your closing date, not the day that you sign a purchase contract or enter escrow. If you constructed a new home, you are treated as having purchased it on the date you first occupied it. (Seems like some wiggle-room here.)

What IRS Form Do I Have To Fill Out? Can I File For 2008 or 2009 Tax Years?
That would be the new revised version of IRS Form 5405 (where most of this information is from), which you fill out and attach to Form 1040. Any updated tax preparation software should be able to handle this. If you already bought your house in 2009, you can file either on your 2008 or 2009 tax returns. (Why not get it now?)

If you are in the market to buy a home for sale in Irving Texas call Pat O'Reilly at 214-289-6176 or email me at pat@patohomes.com. This is the time. Mortgage rates are at historic lows, there are plenty of quality homes on the market in Irving and there are government grants you can apply for!!! Do not wait and be full of regret next year... Call me at 214-289-6176 to start your Homes for Sale search! PatOHomes.com shortens your search for the best real estate agent or Realtor in Irving by providing you with a relationship based on trust and experience. Visit patohomes.com to get information on Real Estate Homes for Sale in Irving Texas . Not every real estate agent is the same. Not every real estate agent treats you as you deserve. I will treat you right!!