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Do you qualify for the First Time Buyer Tax Credit?

Purchases between 1/1/2009 and 12/1/2009
Congress recently enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.  Qualified buyers must purchase homes on or after January 1, 2009 and before December 1, 2009.  More Information

Purchases between 4/9/2008 and 12/31/2008
The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time home buyers purchasing homes on or after April 9, 2008 to December 31, 2008.   More Information

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Lisa Meier, REALTOR

The right Realtor makes all the difference.  It is crucial to choose the right agent to find your next home. With thousands of homes for sale in the Austin MLS, looking by yourself is overwhelming.  Any agent can open the door and let you look around.  That just simply isn’t enough when it comes to representing a buyer!

This e-mail address is being protected from spambots, you need JavaScript enabled to view it I will walk you through each step and present all of your options so that you are comfortable making each decision along the way.  What really sets me apart from my competition is my dedication to my clients.  I answer phone calls and e-mails and return messages promptly.  I help take the stress out of the buying experience. Moving is stressful enough, contact me for help today!
 
First Time Home Buyer Tax Credit - Purchased between 4/9/2008 and 12/31/2008 Print E-mail
The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time home buyers purchasing homes on or after April 9, 2008 and before December 31, 2008.

While this is certainly a great opportunity for first time buyers (particualarly since down payment assistance programs are no longer widely available), it's important to carefully read the details to decide if the taking the credit is right for you.  The credit must be repaid over 15 years (making it, in effect, an interest free loan).  NOTE - THIS IS NOT THE 2009, HOME BUYER TAX CREDIT FOR $8,000 THAT DOESN'T NEED TO BE REPAID!

For full details: http://www.irs.gov/newsroom/article/0,,id=187935,00.html
 

H.R. 3221
Housing and Economic Recovery Act of 2008
Amount of Credit Ten percent of cost of home, not to exceed $7500
Eligible Property Any single‐family residence (including condos, co‐ops) 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 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000, respectively).
First‐time Homebuyer Only Yes. 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 remainder of credit recaptured on sale.
Effective Date Purchases on or after April 9, 2008
Termination July 1, 2009
Interaction with Alternative Minimum Tax Can be used against AMT, so credit will not throw individual into AMT.
Source: National Association of Realtors
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Lisa Meier is a REALTOR licensed in the state of Texas.  Each office is independently owned and operated. Equal housing opportunity. The broker does not guarantee the information describing any property.  Interested parties are advised to independently verify all information through personal inspection or with appropriate professionals. Broker Licensed in Texas, North and South Carolina, Mississippi, Florida and Alabama.
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