The First Time Homebuyer Tax Credit was modified in the American Recovery and Reinvestment Act, the following will apply to purchases made after Jan. 1, 2009 and before Dec. 1, 2009:
For more information go to:
http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit
Maximum credit amount increased to $8,000.00.
All principal residences are eligible.
Purchasers will continue to receive refund for unused amount when tax return is filed.
Income limits are: Individuals with adjusted gross income of no more than $75,000.00, $150,000.00 on a joint return.
Purchaser and purchaser's spouse may not have owned a principal residence in the three years previous to this purchase.
Now purchasers who utilize revenue bond financing can use credit.
No repayment for purchases on or after Jan. 1, 2009 and before Dec. 1, 2009.
If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
This program terminates on Nov. 1, 2009
All revisions are effective as of Jan. 1, 2009
This is provided for informational purposes only, please be sure to verify any tax related items with your professional tax advisor.