The new economic stimulus tax credit that is waiting to take effect March 26, 2009. It is a great opportunity for first time Maui real estate home buyers.
1. Up to $8,000 refundable tax credit if you buy a home between March 26 and December 31, 2009.
2. You must be a first time homebuyer, But if you have not owned a home in the past three years, you qualify as that first time homebuyer.
3. You have to use the home you buy as your principal residence, not a second home or investment property.
Here’s how it works:
1. "Refundable" means that the credit is deducted from whatever you owe on your Federal tax return for 2009 (the one you file in April, 2010.) If you owe less than $8,000, the difference is refunded. For example, if you owe Uncle Sam $6,200 before the credit, IRS will send you a refund check of $1,800 after applying that credit.
2. You don't have to file any special forms or papers now to get the credit – you'll do that when you file your tax return next year.
3. There is a limit on the amount of the credit if your Modified Adjusted Gross Income is more than $75,000 for single taxpayers or $150,000 for married couples. Above those limits there are some partial credits available. The tax forms for 2009 will probably explain what to do about the limits, but you should consider consulting a tax professional like a CPA or Enrolled Agent.
4. You do not have to repay the credit in the future unless you sell that house before you live in it for three years. In that case the full credit will be taken back at settlement.
So if you are a Maui first time home buyer, drop me a line for the latest Maui great buys!
Steven C. Nickens R(S), GRI, ABR
The Wailea Group, LLC
3750 Wailea Alanui, Suite 5WE
Wailea, Maui, Hi 96753
www.nickensmaui.com
Email: nickens@maui.net
Cell: 808-280-2208
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