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Happy Monday and my friend. You recall last week I asked you to the question: Would You Buy A Condo Or A House? And I also reminded you about the Corporate Tax Deadline (which is today by the way)... Guess what else I found out?
Let me tell you the story:
I walk into my accountant's office and told him that I need to get my tax documents in order because I'm thinking about purchasing a house for a condo.
Then my accountant turns around and tells me:
"You should buy it between now and April so that you can take advantage of the $8,000.00 new home buyer tax credit.
What?
I dint' know about this.
So this week, I will meet with a real estate agent to learn more about this and to see what's available on the market.
Get more info here:
To talk about real estate,
visit: www.FouyeRealEstate.com
To talk about Taxes,
visit www.TaxRecipes.com
Reader Comments (9)
Miggy says:
Hi Woody,
Per IRS. If you are a first time home buyer, and claimed the $8000.00. After living in your house for three years.
You will not owe the IRS any money.
But if you the home buyer decided to move out of the house or rent it to some else before the three year period ends. You will have to pay the whole amount back to IRS. This is the rules that I fell under at the time when I bought my home last year.
Please contact the IRS dept for any changes on the rules and requirements.
Peace!
Miggy
Woody says:
Contact the Joudalist, he focuses more on the music than I do.
Thanks for the love
Woody says:
You said you will not owe the government a dime after 3 years, what do you mean by that.
are there conditions to receiving the $8, 000 for the home purchase?
Miggy says:
Yes!!
I did purchase a home last year 09 and did get the $8000.00. It was really sweet.
I will not owed the Government a dime after 3 years.
Go for it people.
Josy says:
There is also a $6, 500.00 for old Home Owner who becomes New Home Buyer within a certain period of time. You have to go the IRS website for all the details, but one of the requirements is that you lived in the old home for at least 10 years.
You might be qualified for both if you are selling an old place to purchase a new one. Good luck!
Vilo Exantus says:
Thanks for the information! I am thinkng about it.Blessings!
Elcie says:
Hi Woodring Thanks for informations you are sending to me I love that
Antoine Suprenor says:
I didn't pay enough attention to that because I already own a house but I will take the advantage if I could.
Thank you for all the informations you are sending me in a daily basis and I am praying for you and the "Judalist." By the way, would send me some "Gemini" music/ Ti manno.
It was my favorite Haitian jazz.Until then, may God richly bless you and yours!
Antoine, Suprenor
Gregory Jean Paul says:
Hi woodring, my name is gregory jean paul. I'm a realtor you can email me or call me at 772-224-0579 for all your real estate needs.
thank you
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