There is a new and improved first-time home buyer credit for qualified home buyers who purchase a principal residence after January 1st but before December 1, 2009.
WHAT IT IS:
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The maximum vale of the credit is 10% of the purchase price up to $8,000 ($4000 if married filing separate).
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The credit is refundable, meaning it can eleminate your entire federal tax obligation and any lefotover credit can still be used as a refund.
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If the house is your principal residence for three years and you - or your spouse- have not owned a home in the US for the past 3 years (from the date of closing) you can qualify.
IT GOT BETTER BECAUSE:
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The amount of the credit is raised $500.
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The credit is no longer a "loan" that must be repaid in equal amounts over 15 years or when the home is sold.
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The credit is extended for 5 more months and the qualifying dates have changed to January 2 through November 20th 2009.
TAX HINTS:
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If you already filed your tax return under the former repayable First-time Home Buyer Credit - you may amend your return to secure the $8,000 non-repayable credit.
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If you already haven't filed your taxes (there are some!) - you have the option to claim the credit on your 2008 returns even if you purchased your home in 2009. This allows you to receive the cash than waiting until you file your 2009 tax returns.
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Set an appointment with an accountant to make sure you are filing for these credits correctly!
Information directly from Tax Update, 2009 Mid-Year Newsletter.
Gabrielle (Kamahele) Rhind - 2009. If you want to reprint parts of this - just email me for my permission rhindohana@msn.com. Buying or selling Tucson Arizona Real Estate? Click info@gabriellerhind.com and let me know how I can help you! Or visit www.BuyMyTucsonHome.com.
If you'd like more info about Mt. Lemmon homes, Tucson bank owned homes, Tucson lease option to purchase homes, Tucson rental homes, buying or seling your Tucson home or the Tucson real estate market or real estate news, email or call me at (520) 245.0242.
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