The American Recovery and Reinvestment Act of 2009 introduced a refundable firt time homebuyer credit. It's valued at a maximum of 10% of the purchase price up to $8,000.00. Here are the details.
Available on Homes purchased between January 1, 2009 and November 30, 2009
Who is Eligible? First time homebuyers who purchase / close on a home between the applicable dates are eligible for the tax credit.
Who is a first time homebuyer?
Buyers who have never owned a home or who have not owned a home in the past three years qualify as first time homebuyers.
Does their income level affect the credit?
Yes. As a single homebuyer, the income needs to be at or below $75,000, and as a married couple, the income needs to be below $150,000.00 to qualify.
How to they get the tax credit?
On their federal income tax return, the buyers complete the necessary information to receive the credit. If you have already filed your 2008 taxes, you can amend your returns to receive the credit now.
How does the loan work?
The loan does not have to be repaid unless the homebuyer sells the home within three years.
This information is provided courtesy of Tammy Hawks, Colonial Bank
(770) 607-9993 Ext. 222
tammy_hawks@colonialbank.com
For all your Real Estate needs, contact Asher Realty
(770) 382-5983
www.asherrealty.com
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