To Log in to My Home Finder or Sign Up for a New Account  click here

First Time Homebuyer?

 

DREAMS REALLY CAN COME TRUE!

 

 

 

Congress enacted a tax credit for first-time homebuyers in 2008 and increased and improved the credit in 2009.  Below are some of the details about this credit, provided courtesy of H&R Block.

 

Credit Details

The 2009 First-Time Homebuyer Credit is a REFUNDABLE credit of up to $8,000.  Refundable means that if your total tax liability in the given year is less than $8,000, the IRS will send a refund for the balance.

 

Am I Eligible?

First-time homebuyers who purchase a principal residence on or after January 1, 2009, and before December 1, 2009, are eligible.  If you (or your spouse if married) have not owned your principal residence for a 3-year period before your purchase, you qualify as a first-time homebuyer.

 

How Does It Work?

Like all tax credits, it will directly reduce the total amount of taxes you pay.  When you file your taxes, you will be able to subtract the amount of the credit from your federal income tax liability, increasing the size of your refund or reducing the amount you owe.  And don’t forget the REFUNDABLE element – if your tax liability is less than the credit, you will receive a check for the difference. 

 

When Can You Claim The Credit?

The credit can be claimed on your 2008 tax return (to be filed by April 15, 2009), an amended 2008 tax return, or your 2009 tax return.

 

Who Cannot Take The Credit?

If any of the following apply, you cannot take the credit:

  • The credit is not available for incomes above $95,000 or $170,000 if filing jointly.  The credit begins to phase out at $75,000 or $150,000 for joint filers. 
  • You buy your home from a close relative.  This includes a spouse, parent, grandparent, child, grandchild, or other lineal ancestor or descendent.
  • You are a nonresident alien.
  • You (or your spouse if married) do not have a valid Social Security Number.

 

Do I Have To Repay The 2009 Credit?

Only if you do not live in the home at least three years from the date of purchase.

 

 

The window of opportunity is officially open – don’t miss it!

Call Jane today at 404-312-8676 and start packing!