Revised Tax Credit- Now $8000

As many people know, a new law was passed regarding tax credits for first time home buyers on February 19th. This new law allows first time home buyer, or those who have not had a mortgage in at least three years, the ability to receive an $8000 tax credit.

The following are a few common questions:

Q: When did this tax credit become effective and when will it terminate?
A: The tax credit is retroactive back to January 1, 2009 and terminates December 1, 2009. This means that if you bought/buy a home between January 1st and December 1st you will receive the tax credit.


Q: Do I need to pay this back?
A: No, absolutely not. This isn't a loan, this is a tax credit.


Q: What are the income limitations?
A: The FULL credit is available for individuals with a gross adjusted income of $75,000 or $150,000 for joint filers. Shoot me an email for the adjusted credit for higher earners.

Q: If I end up owing the IRS nothing, will I get a refund?
A: Yes, you will receive a check for the full $8000.

Q: Are cosigners allowed?
A: Yes, the $8000 can be allocated in anyway the purchasers see fit.

Q: What are the differences between this tax credit and the previous $7500 tax credit?
A: Please visit: http://www.realtor.org/wps/wcm/connect/b32db1004d05f6338052c5fd73e5610f/government_affairs_tax_credit_chart_021308.pdf?MOD=AJPERES&CACHEID=b32db1004d05f6338052c5fd73e5610f


If you are a first time home buyer in Portland, Oregon, buy before the end of the year! This is a golden opportunity. Interest rates are low, home prices are low, and you get $8K cash back!