An Overview of the First-Time Home Buyers' Tax Credit

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An Overview of the First-Time Home Buyers Tax
Credit
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Planning to settle in a new place? Interested in
buying urban condos?
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If this is the first time you will be buying a
home, you need to take note of certain things.
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First things first you need to save money for
your down payment and other subsequent payments.
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You also have to consider other government
compliance requirements.
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But did you know getting a new home is a lot
easier than before?
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Can you believe the state and federal government
provide plenty of grants, which makes the entire
home acquisition process trouble-free and
uncomplicated?
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Whats more, tax credits and similar options are
afforded to many first-time home buyers.
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Tax Credit for First-Time Home Buyers
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Did you know you can avail of tax credits and
federal or state grants? These social legislation
measures are aimed at making life easier for
people seeking to buy a new home for the first
time.
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If you havent purchased a home yet but is
planning to acquire one for the first time, these
measures set in place under the law can help you
afford the payments to your first home.
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Do you consider yourself as a first-time home
buyer? If you answered yes to all these
questions, you may be qualified as one under
pertinent social legislation
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Have you owned a home during the 3
years immediately preceding its purchase date?
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Are you a single parent who never owned
a home under your name?
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Have you only owned a home together
your spouse?
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In addition, a displaced homemaker who only owned
a home together with his or her spouse may be
qualified as a first-time home buyer
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- this also includes a person who has built his
or her home without observing the appropriate
building regulations or has not affixed his or
her home to a permanent foundation.
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Are you wondering what benefits can be derived by
such individual?
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For those who qualify as a home acquisition
first-timer, they can avail of special tax
holidays like tax credits or refunds or other
special benefits or grants from the government.
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With these privileges, the dream of having a new
home becomes closer to reality.
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Are you familiar with the Home Mortgage Interest
Deduction program of the Internal Revenue Service?
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This is one of the many tax benefits, which can
be enjoyed by people who meet the requirements to
be recognized as a first-time buyer.
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Here, the IRS allows these individuals to deduct
the interests paid to lenders against the tax
liabilities due.
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Another tax benefit that is available to
first-timers is the Deduction of Points/Loan
Origination Fees.
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The aggregate amount of fees paid for the home
mortgage can be applied as a deduction to any
outstanding tax liability.
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In addition, first-timers can also avail of
property tax deductions.
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Contact the Professionals
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If you dont know much about the goings-on in the
real estate business, it pays to ask the
professionals.
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For everything you need to know about urban
condos, it is highly advisable that you speak
with the professionals.
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With their knowledge and experience, they can
help you look for the best condo unit that suits
your needs and fits your budget.
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If you are looking for a condo to buy in Tempe,
Scottsdale and Phoenix, We Know Urban Realty will
help you find the perfect place.
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Their realtors are experts when it comes to urban
living.
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Visit the site to see what's available right now
www.weknowurban.com
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Will Daly, Broker We Know Urban Realty, LLC 834 E
Claremont Street, No 3 Phoenix, AZ 85014 (480)
510-8755 Email Will_at_WeKnowUrban.com