First-Time Homebuyer Tax Credit
September 26th, 2009 Posted in Real Estate News$8,000 “First-Time” Homebuyer Tax Credit Opportunity
* For Homebuyers who have not had any ownership interest in a home in the last 3 years
* Closing date of January 1 – November 30, 2009
* Owner occupied primary Residence
* Tax credit of $8,000 or 10% of purchase price, which ever is less
* Tax credit on 2008, 2008 amended, or 2009 return.
* IRS will issue a refund check if the tax credit exceeds tax liability
* Income restrictions- $75,000 adjusted gross income for a single tax payer and $150,000 adjusted gross income for married couples filing a joint return (and partial credit for those with incomes up to $95,000/ single and $170,000/couple)
* For single family detached homes, condos, townhouses
* May not be sold within three years or tax credit must be repaid
