$8,000 First-Time Homebuyer Tax Credit
# The law extends an $8,000 first-time home buyer tax credit to any filing status except "married filing separate" ($4,000 for each taxpayer if filed separately).
# First-time home buyer is defined as someone who hasn't owned a home in three years.
# The tax credit is for 10% of the purchase price, up to a maximum of $8,000.
# The credit starts being phased out for single taxpayers with adjusted gross income of $75,000 and is completely phased out at $95,000.
# The credit starts being phased out for married taxpayers filing jointly with adjusted gross income of $150,000 and is completely phased out at $170,000.
# The home purchased has to be their primary residence and is not available for investment property.
# It is the more favorable tax credit versus a tax deduction.
# The qualifying home must be purchased between January 1, 2009 and December 1, 2009.
# The tax credit is "refundable" meaning that it can be used even if the taxpayer has little or no federal tax liability to offset and can generate a refund for the unused portion.
# Buyers have to own the home for at least three years. If they sell the home before than they will have to return the credit to the government. (Exceptions will be made in certain cases such as death or divorce)
Please call Steve Dykstra from Five Star
Steve Dykstra
Five Star
616-826-4387
SteveDykstra@grar.com
Web site: SteveDykstra.com
Check out this new program that is just of the press. If you know of anyone that is looking to by a home please call me at 616-826-4387 or e-mail me back at SteveDykstra@grar.com
Thanks,
