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Macomb County MI Real estate

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$300,000 house & the $8000 first time home buyers tax credit?

April 3rd, 2009 · No Comments · first time home buyers, Tax credit for first time home buyers in Macomb County MI, Up to $8000 1st time home buyers tax credit

Thank you Julie for allowing me to answer your question here for the home buyers from Macomb County to read.

Julie sent me an email and asked: “If my husband and I buy a home that is in the $300,000 price range, is that too high of a purchase price to take advantage of the 1st time home buyers tax credit?”

My answer to Julie: No, as far as I know there is no limit as to the purchase price of the home.   The tax credit is 10% of the purchase price up to a total of $8000.   You would not receive $30,000 (10% of the purchase price) but could still receive the full $8000 if you met the other guidelines.   (See my FAQ on the front page of my homes search website.)

This first time home buyers tax credit is one of the most confusing issues for home buyers today.  Please, talk to a real estate professional and a tax expert for up to date information and clarification.

~Kris Wales~  A partner for your real estate needs in Macomb County MI

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