Economic Stimulus Bill: $8,000 First Time Home Buyer Tax Credit

By
Real Estate Agent

President Obama has signed the "American Recovery and Reinvestment Act of 2009" (i.e. the Economic Stimulus Bill).  This bill provides an $8,000 tax credit for first time home buyers.  A first time homebuyer is someone who has not owned a home in the last three years.  So that means a divorced person that used to own a home, but has been living in an apartment for the last three years, now qualifies for this tax credit.

This credit applies only to the purchase of your principal residence purchased anytime between January 1, 2009 and December 31, 2009.    A tax credit is a dollar for dollar reduction in the amount of tax you owe.  If any credit amount remains unused, then the unused amount will be  returned when you file your 2009 income tax return. 

The income requirements are maximum $75,000 for a single buyer, and $150,000 for a married couple.

This credit does NOT have to be repaid as long as you stay in the home for a minimum of three years.

If you are looking to purchase your first home in Burlington or Camden County New Jersey and are looking for a Realtor and Real Estate Consultant who will work tirelessly to help you find your dream home.......text, email or call me today.  Let's get moving, we have a lot of work to do.

Have a Great Day

Make This YOUR Best Year Ever


Leander McClain, Burlington Township Realtor & Real Estate Consultant, EXIT Buyers Plus Realty, 15 E. Broad Street, Burlington,NJ 08016 609-505-6578

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Show All Comments
Rainmaker
247,328
Heather Chavez
Second Self Virtual Assistance - Caldwell, ID
Real Estate Virtual, Assistant (928) 692-3235

Thanks for the clarification of what a first-time homebuyer is.  I always thought it was only allowed when you buy your first home.  I didn't realize you could be a first-time homebuyer by being a renter for at least 3 years.  Good to know.

Feb 17, 2009 06:18 PM #1
Rainer
116,572
Bo Hussung
Bell Title /Triserv LLC - Nashvle, TN

I used the $7,500 to buy mine (out of foreclosure) that the 8,000 replaced. So get the word out. It is a great thing!

Bo

Feb 17, 2009 07:44 PM #2
Rainer
122,061
Jim Albano
Prudential Damiano Realty - Little Falls, NJ
Team - Jean-Marie Vantuno / Realtors North Jersey Real Estate

Let's hope that this is the jump start that our economy needs!

Feb 17, 2009 10:15 PM #3
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Rainmaker
175,396

Leander McClain

Cecil & Harford County Realtor
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