First-time homebuyer Tax Credit of up to $8,000. Good news for first-time homebuyers. New tax credits may mean new buying opportunities for qualified homebuyers. Effective January 1, 2009, qualified first time homebuyers may be eligible for a federal tax credit of up to $8,000. Below are some of the key highlights of the program:
* For First-Time Homebuyers Only: qualifying homebuyers have not owned a principal residence during the three-year period prior to the purchase.
* Amount of Tax Credit: equals 10% of the home's purchase price up to a maximun of $8,000.
* Limited Time Only: The tax credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
* No Repayment Required: unlike the previous tax credit, this tax credit does not have to be repaid, but homebuyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount.
* Tax Credit is Refundable: the homebuyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. A refund check may be issued to the taxpayer for a portion or even all of the refundable tax credit.
* Income Restrictions: Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
* 2008 Tax Returns: tax credit can be claimed on 2008 federal income tax returns if the home was purchased on or after January 1, 2009.
Call Lin Hill for further details. 417-848-7540 Keller Williams Realty
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