Within the provisions of the American Recovery & Reinvestment Act of 2009, an $8,000 tax credit is offered through December 1, 2009 to first-time homebuyers. The revised IRS Form 5405 allows for homebuyers to get the $8,000 true tax break on homes purchased this year.
And with this extra $8,000 to spend, it's yet another incentive to have homebuyers visit Florida, specifically the Clearwater-St. Petersburg area, for their next home. Clearwater-based Hayslett Team Realty is optimistic about the revised tax incentive.
"Florida still attracts retirees, those looking for vacation properties, those looking for warmer weather," says Kenny Hayslett, Realtor and Fractional Real Estate Professional of The Hayslett Team, ReMax Realty. "This revised tax credit of $8,000 to first-time homebuyers we believe will have people giving more consideration to buying in the Clearwater-St.Petersburg area."
Hayslett adds, "We are fortunate to have quite the number and variety of properties to offer those future homebuyers that are searching online for their future Bay Area home, and that wish to relocate here. Our thorough and extensive internet presence puts us out there to connect with that future Florida Resident."
Unlike the homebuyers tax "credit" of $7500 in the past, that was required to be paid back, this is a revised tax credit to first-time homebuyers of $8,000 ($4,000 each for married people filing individually).
"For first-time homebuyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit," said IRS Commissioner Doug Shulman. "This important change gives qualifying homebuyers cash they do not have to pay back."
For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase.
For more information on the revised Tax Credit for First-Time Homebuyers, click here.
The Hayslett Team is here for you! Contact us with your property inquiries at 727.443.6700, or visit us online at www.the HayslettTeam.com.
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