2009 first time home buyer tax credit
If you are the first time buyer, then you get the tax credit of 10% of the home purchase price, up to a maximum credit of $8,000 for homes bought in 2009. Now this is how the first time home owner is defined - you haven't owned a house for the last 3 years. If married your spouse hasn't owned anything in this time frame either. The first time home buyer tax credit is a refundable federal tax credit for first time home owner who buys a single family house, a condo, a duplex or a townhouse to be the principal residence. Unlike 2008 tax credit, the 2009 tax credit does not have to be repaid as long as you own and live in the home for at least 3 years. You must buy between January 1st and December 1st 2009 and be a citizen, or a resident alien.
Of course, there are income limits. If you are single and make less than $75,000 ($150,000 married filing jointly), you get the full $8,000. If you make over $75,000 ($150,000), your 2009 first time home buyer tax credit starts phasing out and disappears completely once you income crosses $95,000 ($170,000).
Finally, if you sell the home before the 3 years are up, you will have to pay back the entire credit.
Mon Mar 9, 2009 10:03AM | Copyright: www.bad-credit-advisor.com | More in Personal Finance | Comments (0)
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