Money Monday: Real Estate

With great opportunities available for people to become homeowners due to low home prices and incentives in the new economic stimulus plan we’ve decided to bring back a real estate edition of our Money Monday segment for the next few weeks at least.

Send in any real estate questions you may have to info [at] blackandmarriedwithkids.com and we’ll have our expert team from ASG Investments do their best to help you out.

Question:

So if I buy a house, let’s say august this year, and I’m a 1st timer and meet the income requirements. All I have to do is file for the 8 grand tax credit come tax time in 2010? If so I would get it in spring of 2010? Also is the 8 grand taxed?

Answer:

You are correct… since you are a first time home buyer that meets the income requirement and purchase the home this year you would be eligible for the full $8,000 tax credit as sort of a gift from the government. The credit is not taxed and does not have to be paid back as long as you live in the property for at least 3 years. If you do not live in the home for 3 years then you would have to pay back some part of the credit based on the time you did spend in the property. A certified CPA would be able to assist you with that item.

Antoine and Shonda Grier
ASG Investments, LLC
1-888-210-6134
Info@asginvestments.com
Blog: www.asginvestments.com/blog/

About the author

Lamar and Ronnie Tyler are the creators of the award-winning blog BlackandMarriedWithKids.com . They also are behind the Amazon.com bestselling DVDs Happily Ever After: A Positive Image of Black Marriage, You Saved Me and Men Ain’t Boys that explores manhood in the African American community. The Tylers are also the proud parents of four children.

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