Kentucky "Other" Tax Credit!

By
Real Estate Agent with RE/MAX Midwest Real Estate Group

Kentucky is offering a tax credit specifically for New (never occupied) home purchases.  Money

This tax credit is a state tax credit for any new home purchased between July 25, 2009 and July 26, 2010.  This means buyers must close on the home before July 26, 2010.  There are a few "fine print" details that buyers need to be aware of when they purchase a new home in order to get the credit.

TO CLAIM THE CREDIT:

  • Your qualified principal residence is a single family dwelling;
  • Your qualified residence is purchased to be the principal residence of the qualified buyer(s) for a minimum of two (2) years;
  • You purchase a new home after July 25, 2009 and before July 26, 2010; and,
  • You meet qualifications and receive approval from the Department of Revenue.
  • Piggy BankYOU MAY NOT CLAIM THE CREDIT IF:

    • Your application is not received via FAX within seven (7) calendar days from the purchase date. Any application submitted via mail will be denied.
    • Your new residence has been previously occupied.
    • Your application is received after the New Home Tax Credit cap has been reached.
    • You are eligible for first time homebuyer credit under Section 36 of Internal Revenue Code.
    • You are building or contracting construction of your own home.  The new home tax credit is only for those taxpayers who purchase a new previously unoccupied single-family dwelling.  "Purchase" means a point within the approved times when escrow closes between the qualified buyer and the seller of the qualified principal residence.  Homeowners who build newly constructed homes on their own land do not qualify for the credit based on KRS 141.388.

    For a complete explanation of the tax credit click here.  If you need a copy of the application, just click on the link!

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     Coppersmith Cove Home

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    Re-Blogged 1 time:

    Re-Blogged By Re-Blogged At
    1. Roland Woodworth 09/17/2009 12:39 PM
    Topic:
    Home Buying
    Location:
    Kentucky Lyon County Eddyville
    Groups:
    Kentucky Professionals
    RE/MAX Active Rain Bloggers
    Tags:
    tax credit
    kentucky
    lake barkley
    lake front
    new homes for sale
    new construction
    waterfront home
    kentucky lake
    land between the lakes

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    Ambassador
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    Roland Woodworth
    Keller Williams Realty - Clarksville, TN
    Short Sale and Foreclosure Resource- SFR - Clarksv

    Kathy: Great information.. Thank you for sharing. I also have a KY license and this can help home buyers in KY.

    Sep 17, 2009 12:37 PM #1
    Rainmaker
    101,711
    Kathy Jackson
    RE/MAX Midwest Real Estate Group - Henderson, KY
    CDPE, Your Tri-State Real Estate Expert

    No Problem!  Anytime I can pass on info that helps agents, buyers or sellers I'm happy to send it out!

    Sep 17, 2009 01:28 PM #2
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    Rainmaker
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    Kathy Jackson

    CDPE, Your Tri-State Real Estate Expert
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