For most families, choosing a new home is the biggest financial decision they will ever make. There are many complicated decisions involved in choosing your new home. To protect your interests and assure that you make the best possible decisions, it's important that you have an agent on your side who is an expert in the local real estate market.
With the 2009 HOME BUYER'S TAX CREDIT it makes this process even more attainable!
Features
2009 Tax Credit Version
2008 Tax Credit Version
Home Buyer Eligibility
First-time homebuyers (no ownership interest in the last 3 years)
First-time homebuyers (no ownership interest in the last 3 years)
Eligible Property
Any property in the IS, new or resale, that will be the homebuyer's principal residence (includes mobile homes and houseboats)
Any property in the US, new or resale, that will be the homebuyer's principal residence (includes mobile homes and houseboats)
Sales Amount Restrictions
No restrictions
No restrictions
Maximum Credit Calculation
10% of the Purchase Price, up to $8,000
10% of the Purchase Price, up to $8,000
Recapture
No repayment as long as home is not sold within 36 months of the closing date
Repaid at zero interest for 15 years; 6.67% of original amount is repaid each year
Income Eligibility
$75,000 (Single Filers);$150,000 (Married Filers);partial credit available if over income limits
Same as 2009
Effective Timeframe
Closing must occur between December 31, 2008and December 1, 2009
Closing must occur between April 9, 2008 and July 1, 2009
Restrictions
Cannot be claimed by nonresident aliens
Cannot be claimed if property sold during same tax year
Same as 2009
Refundable?
Yes, the taxpayer recieves the full credit even if they have not paid in taxes an amount as great as the credit amount
Same as 2009
Jessica Homan 24711 Michigan Avenue Dearborn, MI 48124
