Owning the American Dream.... & Earn Tax Credit!!

By
Real Estate Agent with Tony Clark Realtors, LLC Licensed Kentucky Agent

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help more home buyers become part of the American dream.

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a "first-time home buyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

 

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

 

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer's tax credit is determined by two factors:

The price of the home-the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income-single buyers with incomes up to $75,000 and married couples with incomes up to $150,000-may receive the maximum tax credit.

 

If the Buyer(s)' Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

 

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

* Always verify information with a certified public accountant or tax attorney.

 

 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Is now the time to buy a home? Give Angela a call & discuss the options.

Let Angela Clark's experience be your guide!

TCRLogoAngela Clark, GRI, ABR, Realtor 

270-929-4022   Cell

 270-926-0055  Office

Tony Clark Realtors, LLC, 2934 Frederica Street, Owensboro Kentucky

Tony Clark Realtors LLC,  107 Main Street, Hawesville, Kentucky

 ONLINE: www.AngelaRClark.com  

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Kentucky Daviess County Owensboro
Groups:
Twitter
Tags:
home owners
first time home buyers
resources
tax

Spam prevention
Show All Comments
Rainmaker
198,270
Mary Strang
Viroqua, WI
Real Estate

It sure is a good time to be a first time home buyer. I closed with one recently and he is using his check to pay for the new roof the home needed...

May 12, 2009 07:22 AM #1
Show All Comments
Rainmaker
212,251

Angela Clark

CRS, Realtor since 1997.
Ask me a question
*
*
*
Spam prevention

Additional Information