Monday Aug 31, 2009
$8K First Time Home Buyer Tax Credit Deadline Approaching
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$8K First Time Home Buyer Tax Credit |
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Who Qualifies for the Tax Credit?
-Never owned a home
-Have not owned a home within the last 3 years--determined by HUD 1 date when previous home was sold
-You must Close on the house between January 1 and November 30, 2009 Types of Properties -Primary Residence - Single family, 2-4 units (must occupy one unit) town homes, condos, manufactured homes, mobile homes and houseboats.
-New Construction - "Purchase Date" is the date the owner occupies the home (between Jan 1 and Nov. 30, 2009) Note: They could have owned land and are in the process of building. Income Limits $75,000 Single Person (Partial Credit up to $95,000)
$150,000 Married Couple (Partial Credit up to $170,000)
Based on Adjusted Gross Income (AGI) line on IRS Form 1040, 1040A or 1040EZ Amount of Credit -10% of Sales price
-Up to Maximum of $8000
-Partial Tax Credit if income exceeds $75,000 or $150,000 Repayment Tax Credit -If sold within 3 years, the entire tax credit needs to be repaid! After 3 years, no repayment is due.
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If you have already Purchased a home in 2009 and have yet not filed for your $8000 Tax Credit, we have the forms you need to get your credit. We have the forms you need to amend your 2008 Taxes and get your money this year. Call us if you need these forms! |
Posted at 06:00AM Aug 31, 2009 by Louisa Ward & Robyn Viktor in General | Comments[0]
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