{"id":40,"date":"2009-01-26T04:56:23","date_gmt":"2009-01-26T09:56:23","guid":{"rendered":"http:\/\/www.fcallc.biz\/blog\/?p=40"},"modified":"2024-11-23T08:32:22","modified_gmt":"2024-11-23T13:32:22","slug":"first-time-home-buyer-credit","status":"publish","type":"post","link":"https:\/\/www.fcallc.biz\/blog\/?p=40","title":{"rendered":"First Time Home Buyer Credit"},"content":{"rendered":"<p class=\"MsoNormal\" style=\"margin: 0in 0in 10pt; text-align: justify;\"><span style=\"font-size: small; font-family: Calibri;\">Are you a first time home buyer?<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Have you taken advantage of the First Time Home Buyer Credit? If not you still have time.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>First time homebuyers are now eligible to receive a tax credit of up to $7,500 or 10% of the home\u2019s purchase price.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>This is part of the Housing and Economic Recovery Act of 2008. The credit is available to purchasers who purchase their first home between April 9<sup>th<\/sup>, 2008 and July 1<sup>st<\/sup>, 2009.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Married couples with incomes up to $150,000 and single taxpayers with incomes up to $75,000 are also eligible for the full credit.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>All others are eligible for a partial credit.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>This credit is essentially an interest free loan that must be repaid over 15 years.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>To take advantage of the credit, taxpayers must complete Form 5405.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>For more information, visit the IRS website or speak to your accountant. <span style=\"mso-spacerun: yes;\">\u00a0<\/span>The IRS website is located at <\/span><a href=\"http:\/\/www.irs.gov\/\"><span style=\"font-size: small; font-family: Calibri;\">www.irs.gov<\/span><\/a><span style=\"font-size: small; font-family: Calibri;\">.<\/span><\/p>\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 10pt; text-align: justify;\"><span style=\"font-size: small; font-family: Calibri;\">This credit is very timely considering the current housing crisis; I hope that eligible taxpayers are able to take advantage of it.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Although the credit is timely, I\u2019ve heard many concerns or inquiries regarding its effectiveness.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Many people are concerned that the length of eligibility is too short.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Others are concerned that people can\u2019t even afford to purchase a home.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>What are some of your thoughts?<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you a first time home buyer?\u00a0 Have you taken advantage of the First Time Home Buyer Credit? If not you still have time.\u00a0 First time homebuyers are now eligible to receive a tax credit of up to $7,500 or &hellip; <a href=\"https:\/\/www.fcallc.biz\/blog\/?p=40\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,44,8],"tags":[10],"class_list":["post-40","post","type-post","status-publish","format-standard","hentry","category-loans","category-mortgage","category-taxes","tag-tax-credit"],"_links":{"self":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts\/40","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40"}],"version-history":[{"count":5,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts\/40\/revisions"}],"predecessor-version":[{"id":44,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts\/40\/revisions\/44"}],"wp:attachment":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}