The Housing Rescue Bill and Your $7,500 Tax Credit :248-674-6457 The Housing Rescue Bill and Your $7,500 Tax Credit The "housing rescue" bill includes a $7,500 tax credit for first time homebuyers.  First Time Homebuyers that qualify can get up to $7,500 tax credit the first filing year after purchasing a home. For example, if last years refund was $1,800, it would now be $9,300!!!


How Do I Qualify For The $7,500 Tax Credit? :248-674-6457 How Do I Qualify For The $7,500 Tax Credit? You must purchase a home between April 9th 2008 and July 1st 2009 You must be a First Time Homebuyer or not owned a home three years prior to purchasing a new home. If you’ve owned a vacation home or time share you still qualify. If you file your tax return as single, and your modified adjusted gross income (MAGI) is less than $75,000 you will receive 10% of the purchase price on your new home or $7,500, whichever is less. If your MAGI is between $75,000 and $95,000 you’ll get a smaller tax credit. If your MAGI is over $95,000 you get no tax credit. If you file jointly, and your modified adjusted gross income (MAGI) is less than $150,000 you will receive 10% of the purchase price on your new home or $7,500, whichever is less. If your MAGI is between $150,000 and $170,000 you’ll get a smaller tax credit. If your MAGI is over $170,000 you get no tax credit.


What Is a Tax Credit and How Does it Work? :248-674-6457 What Is a Tax Credit and How Does it Work? This $7,500 tax credit for new homeowners is not really a credit. It’s actually an interest free loan paid back over 15 years with a yearly payment due at tax time. If you qualify for the full $7,500 credit, the yearly payment would be $535.71. Your first interest free payment is due in the following tax filing year. This payment would be deducted from your federal tax return. As a new homeowner, you’re able to write off the interest you pay on your new mortgage on top of the real estate taxes you pay. These two deductions will more than likely offset the yearly tax credit payment of $535.71 and possibly net you a higher return.


When Will I Receive My Tax Credit? :248-674-6457 When Will I Receive My Tax Credit? If you buy the home before July 1, 2009, you can make an election to report the purchase on your 2008 tax return and get the refund a year early. If you don’t make that election you will receive the credit on your 2009 tax return. If you received a federal tax refund of $1,800 for 2007, and you buy a home for $75,000 or more between now and July 1st, 2009, you’ll probably receive a refund of $9,300 or more because of your tax credit and your new tax deductions as a homeowner!


How Can I Use My Tax Credit Money? :248-674-6457 How Can I Use My Tax Credit Money? You can use it to pay back a family member that lent you money for a down payment! You can use it to pay off high interest credit card debt! You can use it for home improvements! You can use it for new appliances! You can jump start your retirement account! You can use it however you like, but I’d be smart with it because it’s not everyday the government gives out interest free loans!


Where Should I Start If I Want To Take Advantage Of This $7,500 Tax Credit and Get Involved With The From rent to Equity Program :248-674-6457 Where Should I Start If I Want To Take Advantage Of This $7,500 Tax Credit and Get Involved With The From rent to Equity Program You can call my office at 248-674-6457 or toll free at 1-888-665-2630 and ask for Trevor Sines. If I’m not available make sure to leave your name and the best number to reach you at and I’ll call you back within 24 business hours. You can visit www.FromRent2Equity.com and fill out the “Fast Action Form” If you’re skeptical, you can call my 24 hour Free Recorded message and listen in on what others have to say about Trevor Sines and “The From Rent to Equity” Program by calling 1-888-669-6823, press 1…and then enter EXT 9000. www.FromRent2Equity.com