First time homeowners can now claim a tax credit worth $8,000 dollars or 10% of the homes value, whichever is less. So, if you bought a house worth only $50,000 dollars, you wouldn’t receive the full eight thousand dollars. Instead, you would receive a check in the amount of $5,000. However, if you purchased a home worth $90,000, you would receive the maximum tax credit check of $8,000. Either way, there is no way to get more than eight thousand dollars off the price of your new home purchase.
When can you expect to receive your check after the purchasing for your home? Well, in order to qualify for the tax credit, you must have purchased your home between January 1st and November 30th of 2009. Income restrictions also apply, dictating that a single person may not make more than 75,000 dollars per year. If married, couples can not take in more than 150,000 dollars of income per year. People with higher incomes may also receive a credit but not nearly as much as the 8,000 dollars.
Home buyers have reported receiving their check in as little as 5 week’s time. Others have received theirs in 38 weeks, 9 months and other time frames as well. There is no set time to receive your check, meaning there is no concrete date the U.S. government has set to send out the checks. Every case is different but usually the longest time will be around 9 months to wait.
There will also usually be an interest amount deducted from your check. Many people who have received their checks are reporting around 200-300 dollars worth of interest deducted.
Whatever the case, receiving a new home purchase tax credit as part of the United States housing reform is a fantastic bonus! If you get the chance, post your tax credit proof so others will remain faithful in this legitimate U.S. government relief effort. The more people who report receiving their tax credit, the more people who will be interested in purchasing houses. This benefits everyone, including your country.