$8,000 FIRST TIME HOMEBUYER CREDIT
The American Recovery and Reinvestment Act of 2009 features an $8,000 tax
credit for first-time buyers who purchase a home on or after January 1, 2009 and before December 1, 2009.
· The credit is equal to 10% of the cost of the home, up to a maximum credit of $8,000.
· Taxpayers can claim the credit on their 2009 return or they can file an amended 2008 return to receive the credit now.
· The new tax credit does not have to be repaid if the home remains the main home for at last 3 years.
· The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.
· Only first-time homebuyers can take advantage of the tax credit. A first-time homebuyer is defined under the tax credit as an individual who has not owned a home in the last 3 years. For married filing jointly, both people must meet the first-time homebuyer test to that the credit on a joint return.
· Eligible properties include anything that will be used as a single-family residence - including condos, house trailers and townhouses.
credit for first-time buyers who purchase a home on or after January 1, 2009 and before December 1, 2009.
· The credit is equal to 10% of the cost of the home, up to a maximum credit of $8,000.
· Taxpayers can claim the credit on their 2009 return or they can file an amended 2008 return to receive the credit now.
· The new tax credit does not have to be repaid if the home remains the main home for at last 3 years.
· The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.
· Only first-time homebuyers can take advantage of the tax credit. A first-time homebuyer is defined under the tax credit as an individual who has not owned a home in the last 3 years. For married filing jointly, both people must meet the first-time homebuyer test to that the credit on a joint return.
· Eligible properties include anything that will be used as a single-family residence - including condos, house trailers and townhouses.
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