The new economic stimulus plan that became law recently gives first time home buyers a tax credit up to $8000. According to the new rules, you have to buy your first home between Jan. 1st and Nov. 30th, 2009, or have had no ownership interest in a home for the last 3 years.
You will still need to come up with your down payment first; however, if you borrow that money from, oh I don’t know, lets say a relative or perhaps a loan shark or better yet a credit card company. You will be able to pay it back (not including interest of course) with the monies received when you file your tax return and claim the $8000 as a tax credit. Home buyers this year can receive $8000 without any obligation to repay the money as long as they live in the home 3 years.
And if you buy a home soon, you can receive your $8000 quickly by claiming it on your 2008 tax return. Even if you already filed your return, you can still claim this credit for 2008 by filing an amended return with form 1040X. If you plan to buy a home later this year, you have 2 choices: request an extension for your 2008 taxes and claim it when you file by Oct. 15th or claim it when you file your 2009 return.
At this point I need to confess I’m not a CPA. So please consult your Tax Consultant. If he/she likes the idea remember where it came from.
I’ll file this under: I hope I don’t get sued today.
Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
Charles River Park
Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
Ford Realty Inc
137 Charles Street
Boston, Ma 02114