The Stimulus Bill of 2009. Is it “FREE” Money? First Time Home Buyers can Claim A Credit Worth $8,000 or 10% of the Purchase Price Whichever is Less.

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Presentation transcript:

The Stimulus Bill of 2009

Is it “FREE” Money?

First Time Home Buyers can Claim A Credit Worth $8,000 or 10% of the Purchase Price Whichever is Less Is it “FREE” Money?

Scenario 1 If you expected to owe IRS $2000 without the tax credit, you would now owe only $6000 ($8000 credit - $2000 owed). Is it “FREE” Money? * This example is First Time Home Buyers receiving the full $8,000

Scenario 2 If you overpaid your federal taxes during the year and expected a $1000 refund, you would receive $9000 ($1000 refund + $8000 credit). Is it “FREE” Money? This example is for a purchase price of above $80,000

Do I have to Re-pay this money? Not if you live in the home for 3 years As your primary Residence It’s non-refundable after that time Is it “FREE” Money? This example is for a purchase price of above $80,000

Other Requirements Must be a First Time Home Buyer Must earn no more than $75,000 for singles Must earn no more than $150,000 for couples Is it “FREE” Money? This example is for a purchase price of above $80,000

Can I claim it in 2008 Tax Returns? YES “I’ve already have filed my 2008 taxes” No worries… use IRS form 5405 and file an Amendment And receive your money this year!!!! Is it “FREE” Money? This example is for a purchase price of above $80,000

Most Importantly PURCHASE MUST BE MADE Jan. 1 st, November 30 th 2009 Is it “FREE” Money?

Most Importantly Time is Running OUT!!!! Jan. 1 st, November 30 th 2009 Is it “FREE” Money?

Additional information can be found On IRS’s website GO TO: Prepared by: Mario Blautzik Rachel M Stroud Office: (240) Direct: (240) Call Today