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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!
As part of the “American Recovery and Reinvestment Act of 2009", Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers. Time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible.
The tax credit is for first-time home buyers only.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
QUALIFIED PURCHASES ON OR AFTER 4/9/2008 TO 12/31/2008
QUALIFIED PURCHASES ON OR AFTER 1/1/2009 AND BEFORE 12/1/2009
Amount of Credit
Lesser of 10 percent of cost of home or $7500
Maximum credit amount increased to $8000
Eligible Property
Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.
No change
All principal residences eligible.
Refundable
Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.
No change
Purchasers will continue to receive refund for unused amount when tax return is filed.
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).
No change
Same income limits continue to apply.
First-time Homebuyer Only
Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.
No change
Still available for first-time purchasers only. Three-year rule continues to apply.
Revenue Bond Financing
No credit allowed if home financed with state/local bond funding.
Purchasers who utilize revenue bond financing can use credit.
Repayment
Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.
No repayment for purchases on or after January 1, 2009 and before December 1, 2009
Recapture
If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.
If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
Termination
July 1, 2009
(But note program changes for 2009)
December 1, 2009
Effective Date
Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.
All revisions are effective as of January 1, 2009
NOTE: Before purchasing a home and filing your taxes, speak with a tax professional for complete advice. The above information is in no way intended to replace advice from a tax professional. Source: National Association of Realtors
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.
