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2009 New Buyer

Tax Tips

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* ASK your REALTOR about the $8000 tax credit for Buyers - 2009
 

First Time Home Buyer Tax Credit - 2009

The February 2009 Economic Stimulus Package includes an $8,000 tax credit for home buyers who do not currently own a home and who have not owned a home in the last 3 years.  The document to the right explains the details.  This tax credit is available when you buy a home in the Metro Atlanta area. Talk to one of our REALTORS for details
 
 In brief:
  • The credit amount is up to $8000.
  • The credit apply only to first-time homebuyers.
  • Changes are effective for purchases on or after Jan 1, 2009 and before Dec 1, 2009.
  • 2009 purchasers can make an election to claim the credit on their 2008 tax return.
  • The credit is refundable. The amount of the refund is computed as part of the 1040 tax return filing.
  • While the repayment is eliminated for 2009 Tax Credit, any credit that is taken for 2009 will be recaptured and paid to the IRS from sales proceeds if the residence is sold within three years of the date of purchase.
  •  You may also contact your Lender and/or Tax Accountant for full details.

 

 
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