Wednesday, February 25, 2009

Expired:: First Time Home Buyer Tax Credit 2009

Expired

Updated information regarding the FIRST-TIME HOMEBUYER TAX CREDIT portion of The American Recovery and Investment Act

  1. Maximum credit amount increased to $8000.
  2. All principal residences eligible.
  3. Purchasers will continue to receive refund for unused amount when tax return is filed.
  4. Same income limits continue to apply.
  5. Still available for first-time purchasers only.
  6. Three-year rule continues to apply.
  7. Purchasers who utilize revenue bond financing can use credit.
  8. No repayment for purchases on or after January 1, 2009 and before December 1, 2009.
  9. If home is sold within three years of purchase, entire amount of credit is recaptured on sale.
  10. Applies only to homes purchased in 2009.
  11. Termination December 1, 2009 .
  12. All revisions are effective as of January 1, 2009.
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