For those of you who needed one more reason to be convinced that buying a home in Bullitt County was a good idea, the government just provided it. The Housing Stimulus Bill that was signed into law a couple of weeks ago provides a $7,500 tax credit to first-time buyers.
This is a tax credit for your 2008 or 2009 tax return. In other words, it is a dollar-for-dollar reduction on the amount of taxes that you owe. As importantly, it is refundable. This means that if you owe $1000 in taxes, you will get a $6500 tax return.
The credit does have to be repaid. However, the repayment schedule is $500 per year over the next 15 years and you don't have to start repayments until 2010. So, as long as you remain in the house, this is a zero-interest loan. If you sell the house prior to repayment, different guidelines apply and you should consult a tax accountant.
The credit is available to almost anyone who has not owned a home in the past 3 years. Individuals whose annual income is less than $75,000 or couples whose combined income is less than $150,000 are eligible. The credit is prorated up to income levels of $95,000 and $170,000 at which point buyers become ineligible.
This is a limited-time offer. Qualifying purchases have to be made between April 9th, 2008 and June 30th, 2009.
So, if you have been waiting to buy a home in Bullitt County or Louisville, now is the time to get off of the fence.
Back to: Buying a Home in Louisville or Bullitt County
