Just Listed 3B/2B, 693 Prospector Trail, Bozeman, Montana, $335,500.
Wednesday, May 13, 2009
Sunday, April 26, 2009
Our Resident Bozeman, Montana Elk Herd
Friday, April 24, 2009
Taunya Fagan Prudential Montana Real Estate TV
Taunya Fagan http://www.Youtube.com/BozemanRealEstate
Wednesday, March 18, 2009
The First-Time Home Buyer Tax Credit - American Recovery and Investment Act of 2009
The Update to The $7500 Tax Credit For New Home Buyers is Now The First-Time Home Buyer Tax Credit - American Recovery and Investment Act of 2009
Major Modifications in Italics
CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008 | REVISED CREDIT – EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009 |
| Lesser of 10 percent of cost of home or $7500 | Maximum credit amount increased to $8000 |
| Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence. | No change All principal residences eligible. |
| Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser. | No change Purchasers will continue to receive refund for unused amount when tax return is filed. |
| Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000). | No change Same income limits continue to apply. |
| Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase. | No change Still available for first-time purchasers only. Three-year rule continues to apply. |
| No credit allowed if home financed with state/local bond funding. | Purchasers who utilize revenue bond financing can use credit. |
| Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing. | No repayment for purchases on or after January 1, 2009 and before December 1, 2009 |
| If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale. | If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009. |
| July 1, 2009 (But note program changes for 2009) | December 1, 2009 |
| Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year. | All revisions are effective as of January 1, 2009 |
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