Roland's Blog: March 2009

Just Thinking...Land Contracts and the $8,000 Tax Credit

Land Contract and the $8000 Tax CreditDisclaimer: I am not a tax professional. Consult your accountant to verify if you qualify for the 2009 $8,000 first time home buyer tax credit  or for the 2008 $7,500 tax credit.

Here is the updated form for the first time homebuyer tax credit: http://www.irs.gov/pub/irs-pdf/f5405.pdf

How you finance the home, i.e., seller financing, or if the deed is recorded does not seem to be a stipulation on whether or not you are eligible.

This seems to mean that land contracts, recorded or unrecorded, would qualify, as long as a binding contract with consideration is established.

As I read it, it doesn't appear to matter how you financed the home...just that you bought a home and meet the qualifications from the IRS.

If this is so, it could be immensely helpful to the thousands who are trapped by the lack of credit available and resulting scarcity of capable buyers.

Your thoughts?

Dawn Maloney, REALTOR®, ABR, with RE/MAX Commitment.

Serving Hudson and Northeast Ohio since 2003, Call 330-990-4236.

www.DawnSold.com

Your Referrals Are Treated With Skilled Care & Appreciation!

 


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Think Clarksville * Think Fort Campbell * Think Real Estate * Think Roland

Roland Woodworth

Licensed in both Tennessee & Kentucky. Please don't keep me a secret, if you know anyone looking to BUY or SELL, Please send me their contact informtion and give them my name and number.

View my website at Clarksville Home Information or Fort Campbell Housing

 Roland Woodworth is a member of NAR's Short Sales & Foreclosure Resource

 

Roland Woodworth, REALTOR ® Q Realty

Call: 931-320-9411

E-Fax: 866-596-2172

  

Clarksville TN Homes For Sale, Clarksville TN - Roland Woodworth, REALTOR

I specialize in helping families relocate to and from the Clarksville, TN and Oak Grove, KY - Fort Campbell, KY and the surrounding areas. I have the tools to market your Home For Sale including New Construction, Short Sales, Foreclosures, Distressed Properties. I'm a US Army Verteran still serving the Clarksville, TN amd Ft Campbell, KY area. Looking to sell your home,give me a call at 931-320-9411

TN Lic # 273649  -  KY Lic # 57120

Q Realty

1812 Memorial Circle. Clarksville, TN 37043

Each Office is Independently Owned & Operated

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Comment balloon 2 commentsRoland Woodworth • March 29 2009 10:03PM
Just Thinking… Land Contracts and the $8, 000 Tax Credit
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