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First Time Home Buyer Tax
Credit - 2009
$8,000 First-time Home Buyer Tax Credit at a Glance
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The $8,000 tax credit is for
first-time home buyers only. For the tax credit program, the IRS defines
a first-time home buyer as someone who has not owned a principal
residence during the three-year period prior to the purchase.
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The tax credit does not have to be repaid unless the
home is sold or ceases to be used as the buyer’s principal residence
within three years after the initial purchase.
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The tax credit is equal to 10 percent of the home’s
purchase price up to a maximum of $8,000.
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The tax credit applies only to homes priced at
$800,000 or less.
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The tax credit now applies to sales occurring on or
after January 1, 2009 and on or before April 30, 2010. However, in cases
where a binding sales contract is signed by April 30, 2010, a home
purchase completed by June 30, 2010 will qualify.
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For homes purchased on or after January 1, 2009 and
on or before November 6, 2009, the income limits are $75,000 for single
taxpayers and $150,000 for married couples filing jointly.
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For homes purchased after November 6, 2009 and on or
before April 30, 2010, single taxpayers with incomes up to $125,000 and
married couples with incomes up to $225,000 qualify for the full tax
credit.
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Frequently Asked Questions
* Very
Important - If you typically owe money
to the IRS each year, this tax credit
will have direct implications on
financially. This not necessarily
negative, but you need to make an
informed decision. Please call
your Accountant or Tax Preparer.
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Tim L.
Cebulski
Realtor,
e-PRO
Cell
(803)
586-5321
Office
(803)
799-8035
Toll-Free
(866)
717-1202
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Click below to visit Tim's blog:
Columbia's
Beat
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The $6,500 Move-Up /
Repeat Home Buyer Tax Credit at a Glance
- To be eligible to claim the tax credit,
buyers must have owned and lived in their previous home for five
consecutive years out of the last eight years.
- The tax credit does not have to be repaid unless the home is sold
or ceases to be used as the buyer’s principal residence within three
years after the initial purchase.
- The tax credit is equal to 10 percent of the home’s purchase
price up to a maximum of $6,500.
- The tax credit applies only to homes priced at $800,000 or less.
- The credit is available for homes purchased after November 6,
2009 and on or before April 30, 2010. However, in cases where a binding
sales contract is signed by April 30, 2010, the home purchase qualifies
provided it is completed by June 30, 2010.
- Single taxpayers with incomes up to $125,000 and married couples
with incomes up to $225,000 qualify for the full tax credit.
This information is taken from:
http://www.federalhousingtaxcredit.com/home.html
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email Tim
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