Rules for 2009 Tax Credit
February 27th, 2009 categories: Real Estate, Tax Incentives
According to Bankrate in order to qualify for the $8000 tax credit you must meet the following:
Rules for 2009 first-time homebuyers tax credit
- Does not have to be repaid unless the home is sold within three years.
- Applies only to first-time homebuyers, defined as those who have not owned a home within the previous three tax years.
- Available only for homes purchased between Jan. 1, 2009, and Dec. 1, 2009.
- Restricted by income; phases out for individuals with an adjusted gross income of $75,000 or above and for married couples with a combined adjusted gross income of $150,000 or above.
- Tax credit is for up to 10 percent of the purchase price, up to a maximum of $8,000. For example, a buyer of a $150,000 home could receive a tax credit of a maximum of $8,000, while a first-time buyer of a $70,000 home would be eligible for a tax credit of $7,000.
- The credit can be taken on 2008 taxes even when the purchase is made in 2009.
It’s obvious that first time homebuyers will be the winners so if you need to go shopping and haven’t found a Realtor send me an email and let’s get started.
