2008 Vs 2009 First Time Home Buyer Tax Credit

admin — Thu, 05 Mar 2009 21:50:57 +0000

FEATURE	2008	2009
Definition of a First Time Home Buyer	Buyer and Buyers Spouce may not have owned a principal residence for 3 years prior to purchase.	No Change
Amount of Tax Credit	10% of the Purchase price or $7,500 whichever is less.	Maxium Credit amount increased to $8,000.
True Credit or Repayment	The credit must be repaid–6.67% of credit or $500 each year for 15 years, start with 2010 tax filing; if the home is sold before this, the balance must be pepaid at closing.	True Credit– unless the home is sold within three years, at which point the first-time homebuyer (who is now the seller) must repay the entire amount to the IRS at clsoing.
Effective Dates	Applies to homes purchased between April 9th, 2008 and December 30, 2008 with repayment starting in 2010.	Applies to homes purchased between January 1, 2009 and November 30, 2009
Tax Implications	Reduces or can eliminate income tax liability for the year of purchase; e.g., buyers will pay less tax or receive a bigger refund.	No Change
Eligible Properties	Any Single family residence (including condos, co-ops, townhomes, ect) that will be used as a principal residence.	No Change
Income Limits	Full credit for individuals with a modified adjusted gross income of $75,000 or less ($150,000 on a joint return); partial credit for income from $75,000 to $95,000 ($150,000 to $170,000 on a joint return)	No Change

$7,500 First Time Home Buyer Credit for Buying Cedar City Real Estate

admin — Mon, 03 Nov 2008 22:29:39 +0000

First time home owners (anyone who hasn’t owned a home in the last 3 years) are entitled to a $7,500 tax credit if you purchase from now until July 1, 2009. The federal government signed this bill into law recently.

If you are considering purchasing a home be sure to contact your accountant for details. You can also go to Utah Housing Facts for more information. You can also give me a call and I would be happy to help you.

If you are considering a purchase I have worked with lots of first time home owners and I can help you along in the process. Please just give me a call so we can get started.

Sam Dodd

Era Realty Center

435-701-0448

Cedar City Utah Real Estate » First Time Home Buyer

2008 Vs 2009 First Time Home Buyer Tax Credit

$7,500 First Time Home Buyer Credit for Buying Cedar City Real Estate