Are you confused how the $8,000 First Time Homebuyer Credit affects you? Don’t feel bad, with all the changes, who can keep up. Below are the changes and how they affect you.
If you are a first time buyer, you should consult your tax planner and see if this will benefit you!! I’d love to make your home buying dream come true!
- The credit has been increased to $8,000
- The credit applies to purchases by 12/1/09
- Still applies to first time buyers – the purchaser and the purchasers spouse can neither have owned a home in the last 3 years
- It is for primary residences only
- Same income limitations – Full credit if adjusted gross income is less than $75,000 single/$150,000 joint, phased out for adjusted gross income of $95,000 single/$170,000 joint.
- The credit is the lesser of 10% of the home purchase price or $8,000 whichever is greater
- If the home is owed for more than 3 years, there is no repayment, if it is sold within the first 3 years then the full amount of the credit is due
- The credit does apply to buyers utilizing state/local revenue bond money to finance their home
- The credit will be claimed in the purchaser’s income taxes for 2009. Any amount in excess of the taxes owed will be refunded to the purchaser
Additional info can be found at www.realtor.org and www.nahb.org
Kim Carpenter “Kimsellsindy.com” – Geist/Indianapolis Real Estate Agent
Keller Williams Realty Indy Metro NE
Geist/Indianapolis IN Real Estate Website
317-509-4000
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