{"id":7017,"date":"2008-10-30T12:57:24","date_gmt":"2008-10-30T17:57:24","guid":{"rendered":"http:\/\/magic1host.com\/blog\/2008\/10\/30\/tax-money-source-for-first-time-homebuyers\/"},"modified":"2008-10-30T12:57:24","modified_gmt":"2008-10-30T17:57:24","slug":"tax-money-source-for-first-time-homebuyers","status":"publish","type":"post","link":"https:\/\/magic1host.com\/blog\/?p=7017","title":{"rendered":"Tax Money Source for First Time Homebuyers"},"content":{"rendered":"
by Rick Gibson<\/div>\n

Coming up with money to buy a first home is brutally tough. This is particularly true with the current market which is such a nightmare. Fortunately, the government is helping people in addition to the banks.<\/p>\n

First time home buyers are critical to real estate<\/a> markets. It is a step process. Homeowners continually buy and sell to move up from one property to the next. This is how they end up with bigger homes and fuel the market. <\/p>\n

This process starts with first time homebuyers. They are critical to the system. Without them, there is nobody moving up from the bottom and the system will come to a grinding halt. <\/p>\n

First time buyers are staying away from the current market. Regardless of all the other issues hurting this market, this is a giant problem. The government has acted swiftly to change things and get these buyers active again. <\/p>\n

When the government wants to get serious, it can really do some amazing things. It is desperate now. How desperate? It is now offering first time homebuyers a tax credit<\/a> in the amount of $7,500. This a huge figure if you understand tax credits.<\/p>\n

If you hate paying taxes, you should love tax credits. Why? The tax credit is not deducted from your income. It is deducted directly from the amount you are supposed to pay Uncle Sam. Take a minute to think about that.<\/p>\n

An example always helps show the power of a tax credit. Assume I can claim a tax credit of $5,000. Assume I owe the IRS four thousand dollars at the end of the year. After applying my tax credit, the IRS now owes me $1,000. Check, please!<\/p>\n

You are probably wondering if it is realistic to ask for more than I actually owed. Yes. This is a fully refundable tax credit. In plain language, this means that it does not matter what I owe. Not bad, eh?<\/p>\n

Before you go rushing off to look at homes, you should know there is a slight catch. Okay, a huge catch. The government wants the tax credit back. You have 15 years to repay it, which means about $500 buck a year if you take the max credit amount. <\/p>\n

The amount of money you make also can be a problem. Couples making more than $150k and non-couples making over $75k face a phase out problem. If you are making this kind of money, however, you probably should already own a home. <\/p>\n

You want help buying that first home? Well, the government is giving it to you. A $7,500 tax credit is going to be a huge help with your taxes, so make sure to make the appropriate adjustments to your paycheck and start house shopping.<\/p>\n

\n
About the Author:<\/div>\n
Looking for IRS tax debt settlement help<\/a>? Get it at BusinessTaxRecovery.com.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Coming up with money to buy a first home is brutally tough. This is particularly true with the current market which is such a nightmare. Fortunately, the government is helping people in addition to the banks.<\/p>\n","protected":false},"author":1671,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[77],"class_list":["post-7017","post","type-post","status-publish","format-standard","hentry","category-business","tag-business"],"_links":{"self":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/7017","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1671"}],"replies":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7017"}],"version-history":[{"count":0,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/7017\/revisions"}],"wp:attachment":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7017"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7017"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}