Time is running out for the $8,000 Tax Credit Time is rapidly running out for first time home buyers to purchase their first home and qualify for the government $8,000 tax credit. Here is some important information on how this program works, EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009. Amount of Credit: The amount of the homebuyer federal income tax credit is the lesser of 10% of the cost of the home bought or $8,000. Eligible Property: Any single-family residence (including a condo, co-op, or townhouse) may be an eligible property under the homebuyer income tax credit, provided it will be used as the homebuyer’s principal residence. Refundable: This homebuyer income tax credit reduces income tax liability. The $8,000 tax credit is a clean refundable credit, unlike the one that was passed last summer, which required a repayment. If you qualify as a first-time buyer (i.e., haven't been a homeowner in the past 3 years), then you can claim the $8,000 to reduce your tax burden. If the $8,000 is greater than the tax you owe, then you will get a refund check for the difference. Example: you owe $2,000 in taxes on April 15, 2010. But if you bought a home before the stimulus expiration on Dec. 1, 2009, then you will get a tax refund check for $6,000 from the IRS.* Income Limit: In order to be eligible for the homebuyer income tax credit in full, the homebuyer can have an annual adjusted gross income of no more than $75,000 ($150,000 on a joint return). A homebuyer with an annual adjusted gross income above that level and up to $95,000 ($170,000 on a joint return) is eligible for a reduced tax credit. First-time Homebuyer Only: The homebuyer income tax credit is designed for first-time homebuyers, which means the homebuyer (and/or the homebuyer’s spouse) can not have owned a principal residence in the 3 years prior to purchase of the eligible property. Revenue Bond Financing: A homebuyer who utilizes revenue bond financing may be eligible for the homebuyer income tax credit. Repayment: There is no repayment of the homebuyer income tax credit by the homebuyer. Recapture: However, if the eligible property is resold within three years of purchase, the entire amount of homebuyer income tax credit is recaptured on the sale. Effective Date: The First-Time Homebuyer Federal Income Tax Credit is effective for purchases on or after January 1, 2009 and before December 1, 2009. WHO DO YOU KNOW that wants to buy or sell a house? No matter where the need is, I can refer you or your family and friends to a qualified prescreened agent in that area. Call or email me to get started! Posted by Danny Floyd on July 26, 2009 at 10:09 PM About Danny Floyd I have been a licensed real estate agent since April 2000. I have specialize helping first time home buyers and military members realizing their dream of becoming homeowners. I have spent 24 years service on active federal service in the military. I understand first hand the challenge servicemen and women faces with purchasing and selling their homes. As of 11/22/09 the Danny Floyd RePage is ranked at 1,241 with 500 points. The monthly top RePage owner will receive a cash prize. Help this agent by bookmarking this site and posting it to blogs and other Web pages and encourage others to visit.

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Local Information for Columbia, SC

Latitude: 34.017105 -- Longitude: -81.010759

Other Area Cities:   Columbia  Cayce  Irmo  Lexington  Forest Acres  West Columbia  Saint Andrews 

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Columbia is the state capital and largest city of South Carolina. As of 2006, estimates for the population of the city proper is 122,819. Columbia is the county seat of Richland County, but a small portion of the city extends into Lexington County. The city is the center of a rapidly growing metro area of 703,771. The city's name is derived from a poetic name for Christopher Columbus. Located just 13 miles northwest of South Carolina's geographic center, Columbia is the primary city of the Midlands region of South Carolina, which comprises several counties in the central portion of the state. As such it is centrally located to the rest of the state. Founded in 1786 as the site of South Carolina's new capital city, it was one of the first planned cities in the United States. The area is often cited for its high quality of life offerings, with its many cultural amenities, parks, and recreational features. -- Source: Wikipedia.com