1st Time Home Buyer Federal Tax Credit of up to $8,000.00
It’s a Buyer’s Market with an outstanding selection of property and attractive prices!
If you know of a First time Home Buyer or someone looking to buy a home in the Carson Valley,
“We can help make home buying easy while SAVING you lot’s $$$”.
Enhanced Tax Credit Provides Outstanding Opportunity for Home Buyers
A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing
a principal residence on or after January 1, 2009 and before December 1, 2009.
Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.
First-time home buyers who purchased a principal residence on or after April 9, 2008 and before January 1, 2009 may qualify for an $8,000.00 tax credit. Program Features: H.R. 3221 Housing and Economic Recovery Act of 2008.
- Amount of Credit:
Ten percent of cost of home, not to exceed $8,000.00 - Eligible Property:
Any single family residence, including condos that will be used as a principal residence. - Refundable:
Yes. Reduces income tax liability for the year of purchase. Claimed on tax return for that tax year. - Income Limit:
Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000.00 (150,000.00 on a joint return). Phases out above those caps. ($95,000 and $170,000, respectively). - First Time Homebuyer Only:
Yes... and no. Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase. - Recapture:
Yes. Portion (6.67% of credit) to be repaid each year for 15 years. If home sold before 15 years, then remained of credit recaptured on sale. - Effective Date:
Purchases on or after April 9, 2008. - Termination Date:
July 1, 2009. - Compatibility with Alternative Minimum Tax (AMT):
Can be used to offset Alternative Minimum Tax (AMT)
For More Information on the Federal Housing Tax Credit, Click Here!
Don’t miss out on Low Interest Financing, 1st Time Buyer Programs, Seller Concessions and Tax Credits!
For all your Carson Valley Real Estate Needs, Call Laura direct at 775-783-6869
or visit us on the web at www.LauraMoline.com
This information is provided as general guidance only. The information provided herein should not be used as a substitute for consultation
with professional tax, accounting, legal, or other competent advisers.
Posted at 04:16PM Mar 06, 2009 by Laura Moline in General | Comments[0]
