Here is a great explaination of the benefits of the First Time Homebuyer Tax Credit. Call me if you have any questions at all, I will be happy to help.
New Revisions to the Tax Credit for 2009
As modified in the American Recovery and Reinvestment Act
Here are the quick down and dirty bullet points for the revisions to the tax credit. While we may have 'lost' the $15,000 carrot that was dangled over the past few months there are some big improvements over the previous plan. First it is increased slightly... but most importantly, You DON'T owe it back if you occupy the primary residence for 3 years.
Here are the important points to share with your buyers:
- Maximum Credit INCREASED to $8,000.
- Any single family primary residence eligible:(including condo, co-op, townhome.)
- Reduces or eliminates income tax liability for the year of the purchase
- Income limit: $75k single, 150k married and phases out above 95k/170k
- First time Buyer only (may not have owned a home in the past 3 years)
- Purchasers using state bond programs are eligible
- No repayment for purchase made January 1, 2009 through December 1, 2009
- Recapture only if home is sold within 3years of purchase (for homes purchased in 2009)
- Program ends December 1, 2009
- Revisions to previous plan are effective as of: January 1, 2009
That is the quick easy to read version of the plan!
Have a great week!
Rob
www.RobertRaufHomeLoans.com or my blog: http://activerain.com/blogs/rrauf
(732)223-1630 x102
Real Estate Mortgage Network
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Serving customers in Venice Florida, South Venice, Osprey, Nokomis Florida, Casey Key, Manasota Key, Englewood Florida, Rotonda West and North Port communities. Call me to list your home for sale, answer questions regarding steps you can take to AVOID FORECLOSURE or answer any general questions you may have about real estate.
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Hi Kari, Thanks for the re-blog! I am glad you liked the info
Robert - Thanks for the great post!