Is There Time Left To Take Advantage Of The $8,000 Tax Credit?
September 21st, 2009 categories: Aventura, Buyers, Economy, Real Estate News
American Recovery and Reinvestment Act of 2009
Eligible buyers must close by December 1, 2009 so it’s important to select a residence soon to make sure you don’t get left out. The credit applies to first-time homebuyers, as well as individuals who have not owned a principal residence in the 3-year period prior to the purchase, and applies to homes purchased between January 1, 2009 and December 1, 2009. The tax credit is equal to 10% of the purchase price, but capped at $8,000. Certain income restrictions apply so be sure to visit www.irs.gov to learn more about eligibility requirements and limitations.
The credit:
- applies to purchases that close before December 1, 2009
- applies only to homes used as the taxpayer’s principal residence
- reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar
- is fully refundable, meaning the credit will be paid out to eligible tax payers, even if they owe no tax or the credit is more than the tax owed
Recovery: First-Time Homebuyer Credit
First-Time Homebuyer Credit Questions and Answers: Basic Information
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