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Thread: most recent first time home buyers credit info

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    gunsgirl's Avatar
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    #1

    most recent first time home buyers credit info

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    I got this, this morning and wanted to share!!

    FIRST-TIME HOMEBUYER TAX CREDIT
    As Modified in the American Recovery and Reinvestment Act
    Major Modifications Shaded
    February 2009

    FEATURE CREDIT AS CREATED JULY 2008
    APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008 REVISED CREDIT Ė
    EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009

    Amount of Credit
    Lesser of 10 percent of cost of home or $7500 Maximum credit amount increased to $8000
    Eligible Property Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence. No change
    All principal residences eligible.
    Refundable
    Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser. No change
    Purchasers will continue to receive refund for unused amount when tax return is filed.
    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). No change

    Same income limits continue to apply.

    First-time Homebuyer Only
    Yes. Purchaser (and purchaserís spouse) may not have owned a principal residence in 3 years previous to purchase. No change
    Still available for first-time purchasers only. Three-year rule continues to apply.
    Revenue Bond Financing
    No credit allowed if home financed with state/local bond funding. Purchasers who utilize revenue bond financing can use credit.
    Repayment
    Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing. No repayment for purchases on or after January 1, 2009 and before December 1, 2009
    Recapture
    If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale. If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
    Termination
    July 1, 2009
    (But note program changes for 2009) December 1, 2009


    Effective Date
    Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year. All revisions are effective as of January 1, 2009
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    Proud_MPWIFE's Avatar
    Proud_MPWIFE is offline
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    #2
    We wont be buying till mid Dec

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