First Time Homebuyer Tax Credit Information
Tuesday, March 31st, 2009|
As Modified in the American Recovery and Reinvestment Act - February 2009 |
||
| FEATURE | DESCRIPTION | |
| Amount of Credit |
$8,000. |
|
| Eligible Property | All principal residences eligible. | |
| Refundable | Purchasers receive refund for unused amount when tax return is filed. | |
| Income Limit | 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 January 1, 2025 and before December 1, 2009. | |
| Recapture |
If home is sold within 3 years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009. |
|
| Termination | December 1, 2009. | |
| Effective Date | All revisions are effective as of January 1, 2009. | |
|
Note: Always check with your attorney and/or mortgage broker to verify the above. |
||