I received several calls this week from folks in Saline, Michigan wanting to know how to get the $8000.00 tax credit passed in the Obama Stimulus Plan. Many were thinking they were being given the money to purchase a home. No, you are given a CREDIT on your tax liability.
Here are the rules to apply for the Tax Credit.
If you buy a home between January 1, 2009 & December 1, 2009, you can apply for the tax credit of “up to” $ 8000. It is actually 10% of the purchase price or whichever is less.
The tax credit does not have to be repaid.
If you are single your income must be below or equal to $ 75,000 per year in salary. If you are a couple filing jointly you can not make over $150,000 per year.
You must purchase a home in the United States.
The home must be your primary residence not a vacation, or investment home.
This tax credit is ONLY for first time buyers.
You are not eligible to claim the credit is you are purchasing from a relative.
You can not have owned a home for 3 years prior to applying for the credit.
Search Homes for sale in Saline, MI.
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Missy Caulk & Team can be reached at 734-216-2822 or email: Missy@MissyCaulk.com
Our TEAM of 6 buyer associates are available to help you relocate to Ann Arbor, Saline, Dexter, Chelsea, Milan, Ypsilanti Township, Clinton, Manchester, Whitmore Lake, or throughout Washtenaw County, MI.
Thinking of selling your home?
Search the Ann Arbor Area MLS.
Missy Caulk & Team can be reached at 734-926-9797 or email: Missy@MissyCaulk.com
Our TEAM of 6 Agents are available to help you relocate to Ann Arbor, Saline, Dexter, Chelsea, Milan, Ypsilanti Township, Clinton, Manchester, Whitmore Lake, or throughout Washtenaw County, MI.
- Search the Ann Arbor Area MLS.
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