tennessee
The Government Will Pay You to Buy A Home
February 10, 2009 by Aaron Collins · Leave a Comment
Many of you may be aware of the benefits that the state of Tennessee pays to first time home buyers. Were you also aware that the federal government will pay you $7,500 to buy a home? If you bought a home in 2008 and have not filed your federal taxes, you can luckily increase your deductions by $7,500. Or, if you are owed a refund, the government may add an additional $7,500 to your check.
But there is even better news for those of you that have not yet bought a home. Congress is considering increasing the tax credit to $15,000!
The $7,500 tax credit is available to singles, married couples filing jointly and unmarried buyers, as long as they haven’t owned a home in the past three years. If one person meets the requirement and one doesn’t, then you get $3,750.
This tax credit doesn’t apply towards investment properties, second homes or vacation homes, and if you buy the home from a relative, it will not qualify. Additionally, earning more than $95,000 as a single tax filer, or $170,000 as a married joint filer, may reduced the credit amount.
(*Everett holds an MBA in finance from Vanderbilt University and is the resident home financing guru at NashvilleHomeSurfing.com)
