The 2009 Stimulus Package which passed earlier this year offers great incentives to first time home buyers in Ventura County.  However, not every first time home buyer in Ventura County is eligible for the $8000 tax credit.   Before you start your home shopping in Ventura County make sure you understand the facts of the first time home buyer’s tax credit.

Below are a few of the main concerns that many first time home buyers have shared regarding the new first time home buyers’ tax credit.

Important Points About The $8000 Tax Credit For Ventura County First Time Home Buyers:

• Who is considered a first time home buyer? In the 2009 Stimulus package a first time home buyer is anyone who has Not purchased a house in the past 3 years.
• What is the time limit for the $8000 tax credit? Home buyers who purchase a home between January 1st, 2009-December 1st 2009 and those who close escrow before the end of the year 2009.
• Are there any income limits for this tax credit? Yes, home buyers income can Not be more that $75,000 or $150,000 for couples who file a joint return.
• Do I have to live in the property? Yes, home buyers who are eligible for the $8000 tax credit have to live in the property for at least 3 years.
• How do I file for the $8000 first time home buyer tax credit? If you don’t already owe on your taxes, you should file an IRS revised form 5405.  If you have already filed for 2008 taxes you are advised to file an amended return.

If you are a first time home buyer in Ventura County looking to purchase a home please don’t hesitate to contact me, Mana Tulberg: (805) 443-8898.