I thought we’d change it up a little bit this week and save the local info until the end. I have received several questions over the past week about the 2009 first time home buyer’s tax credit. That being the case, I thought I’d clarify a few things about how this credit is actually structured.
The most asked questions I’ve had is “how is this different from the $7500 tax credit for 2008 first time home buyers”. I wish the answer was as simple as just a dollar amount, but it’s not. Last year’s tax credit of $7500 is good for homes bought only in 2008, effective the day title was transferred (the day you closed). The $7500 credit must be repaid over the next 15 years at $500/year without interest. It’s repaid as an add on to your taxes. The 2009 $8000 tax credit is more of a gift, it is not required that it be paid back to the government. The exception to this is if you sell the home in less than 3 years you must repay the entire amount. Exceptions are made for death and divorce.
You must qualify in several ways. First time home buyer is defined as a person who has not owned a perminant residence in the last 3 years. It’s funny, because you can own a 2nd home, such as a lakehouse, and still qualify. The income limits are under $75,000 for a single person and $150,000 for a couple. A “discounted credit” may be given to people who make more than these limits, but there are no absolutes where this is concerned.
Lastly, I don’t have all the answers, and I haven’t found a single source that does. There is conflicting information posted all over the web about this one, but the information provided here seems to be universally accepted. If you have any questions, please ask.
THE LADY ‘STANGS ARE BACK!!! The run to State continues tonight as the Lady Mustangs travel to Fredericksburg to compete against Kerrville Tivy in the second round of the playoffs. This is the match-up that many have been waiting for over the past couple of years. Coach Gamble came to Marble Falls from Tivy and this is the first meeting since she left. For those reading this that aren’t from here, this is a yearly trek for our girl’s basketball team and the entire community starts to buzz when playoff time comes around. The team is loaded with talent this year and we’re all hoping and praying that they have a good showing. We’re all proud of all they’ve accomplished, so good luck tonight. I’ll do my best to post a final score when the game’s over. So, Lindsay, Diana, Katy, and all the rest, play tough and finish strong!
There has been some more ground gained this week for the Lake of the Hills Regional Medical Center. There has been an additional 22 acres purchased for the new hospital and everything is looking good! The building site for the hospital is on the corner of 71 and Hwy 281.
Feel free to comment on anything you’ve read here. If you have any questions about the Tax Credit, or real estate in the area, just give me a call or drop me an email. Properties are moving and prices are good! Jem