18th Feb, 2009

Breakdown of the $8000 Tax Credit for Tennessee Home Buyers

Winter in TennesseeThis is a good time to invest in Franklin Tennessee real estate or Brentwood Tennessee real estateFranklin TN home builders are jumping at the chance to sell you a house anyway, and there is a good reason to go for it.

Most all of us know by now that Congress passed a HUGE spending package this week.  The so-called stimulus plan is mostly a spending plan, but that’s another story.  What did happen for either first time home buyers, or buyers who have not bought residential homes in the past three years, is this:

If you buy a single family residence, a condo, co-op, or townhouse that will be used as your principal residence, you get an $8000 tax credit.  INVESTMENT PROPERTIES DO NOT APPLY.

This money is refundable, which means you can reduce or eliminate your income tax liability up to the $8000 limit for the year of purchase.  Individuals with adjusted gross income of not more than $75,000 or $150,000 on a joint return are eligible.  Homebuyers who use state revenue bond financing in Tennessee that would be the THDA, qualify under the new, $8,000 credit.  The $8,000 is a true credit and does not have to be repaid.  UNLESS:  you sell the house and claim credit during the 3 years following the purchase.  In this case, all the money has to be paid back.

Interest rates are down, prices of homes in the   Franklin TN real estate market are better than they have been in years, so what are you waiting for??? Look below and see how beautiful Tennessee is in the wintertime.  Get out there and buy!

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