The First Time Buyer Tax Credit

The First Time Buyer Tax Credit

Tuesday, September 29, 2009

Any first time buyers interested in purchasing a unit or penthouse at ICON South Beach are probably aware that the clock is ticking towards the end of the first time buyer tax credit the government is offering.  Taking into account its impending end in November and how long it might take to actually close on a sale, now is the time if you’re considering purchasing a Miami Beach condo.

Since most people don’t actually know what the tax credit entails, let’s take a quick look at what to expect.  For starters, any hopes of potentially using the ICON condo as a rental property or second home are moot, the unit you purchase must be your primary residence if you want to qualify for the tax credit.  There are also certain restrictions when it comes to your income (i.e.: you can only qualify if make below a certain amount) that should be taken into account.

It’s important that you don’t confuse the current $8,000 tax credit with the $7,500 one that was originally enacted.  That incentive—unlike the current one—ended in July and needs to be paid back.  If you know that you got the $7,500 credit, all you need to do is file an amended tax return for last year and then claim this new credit in order to get those extra $500.  If this $8,000 credit sounds appealing to you, time is of the essence if you plan on purchasing at ICON Miami Beach especially since we’re already heading into October.

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