Consumer Advisor |
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ATTENTION FIRST TIME HOME BUYERS
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You may qualify for up to a $8,000 Federal Tax Credit under the American Recovery and Reinvestment Act signed into law on 2/17/09. You must not have had ownership in a home for the past three years, close on your new home by December 1, 2009 and keep the home as your principle residence for three years.
The amount of credit is 10% of the cost of the home up to $8,000
Full credit for individuals with adjusted gross incomes of $75,000 with phase outs above those caps ($150,000 jointly)
Any single family residence including condos, co-ops or townhomes being used as a principle residence
Reduces or eliminates income tax liability for 2009 with any or all unused amount refunded to the purchaser
Purchaser and purchaser's spouse may not have owned a principle residence over the past three years
Credit allowed if home is financed with State or local bond funding
Retroactive from January 1, 2009 to December 1, 2009 |
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