FIRST TIME HOME BUYER TAX CREDIT 2009
Effective for purchases on or after 01/01/09 and before 12/01/09
Amount of Credit - Maximium credit amount increased to $8000
Eligible Property - Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence
Refundable - Yes, Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.
Income Limit - Yes, full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).
First Time Homebuyer Only - Yes, purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase.
Revenue Bond Financing - Purchasers who utilize revenue bond financing can use credit.
Repayment - No repayment for purchases on or after 01/01/09 and before 12/01/09
Recapture - If home is sold within three (3) years of purchase, entire amount of credit is recaptured on sale. Applies ony to homes purchased in 2009.
Termination - December 1, 2009
Effective Date - All revisions are effective as of 01/01/09
[back]
Effective for purchases on or after 01/01/09 and before 12/01/09
Amount of Credit - Maximium credit amount increased to $8000
Eligible Property - Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence
Refundable - Yes, Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.
Income Limit - Yes, full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).
First Time Homebuyer Only - Yes, purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase.
Revenue Bond Financing - Purchasers who utilize revenue bond financing can use credit.
Repayment - No repayment for purchases on or after 01/01/09 and before 12/01/09
Recapture - If home is sold within three (3) years of purchase, entire amount of credit is recaptured on sale. Applies ony to homes purchased in 2009.
Termination - December 1, 2009
Effective Date - All revisions are effective as of 01/01/09
[back]