Kentucky New Home Tax Credit $5000 - Kentucky Home Buyer

Have you heard about the $5000 new home Tax credit?

Finally, we have a great way to save money for home buyers that want new construction in Kentucky.

Below are the guidelines to get the $5000 tax credit.

• The New Home Tax Credit is an individual income tax credit that is effective July 26, 2009 and applies to a “qualified buyer” who purchases a “qualified principal residence” on or after July 26, 2009 and before July 26, 2010.

• A “qualified buyer” is a resident of Kentucky that is not eligible to receive the federal first-time homebuyer credit allowable under the Internal Revenue Code.

• A “qualified principal residence” must be certified by the seller as having never been occupied and must be the principal residence of the qualified buyer for a minimum of two years.

• The New Home Tax Credit allowable to a qualified Kentucky home buyer is $5,000 provided a cap of $25,000,000 for all approved New Home Tax Credits has not been met. Once the cap has been reached, no additional credit will be approved.

• The New Home Tax Credit is nonrefundable and may not be carried back or forward to another taxable year.

• To apply for a New Home Tax Credit $5000, a qualified buyer must submit a credit application only via fax within seven (7) days of the escrow closing between the buyer and the seller. Any application faxed after the seven day period or submitted via regular mail at any time will be denied.

• Credit application forms will be available prior to July 26, 2009 at the Department of Revenue’s Web site at www.revenue.ky.gov.

• Qualified buyers approved for the New Home Tax Credit will receive a credit allocation letter from the Department of Revenue. The credit allocation letter must be attached to the income tax return filed for the taxable year during which the qualified principal residence was purchased. 

• Any questions about this incentive call the Department of Revenue's Income Tax Taxpayer Assistance Sections at (502) 564-4581.

  Finding a new Kentucky home has never been so easy!

Lizette Fitzpatrick- Principal Broker at Lizette Realty.

#1 featured Kentucky Realtor on Activerain.com and Localism.com.

Publisher/Author for the only Central Kentucky email newsletter on local real estate listings and sold properties, Kentucky relocation, local events, homeowner information and fun!

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See for yourself what Lizette's extraordinary clients have to say about their Kentucky Real Estate experience. Copyright © 2009 By Lizette Fitzpatrick, All Rights Reserved *Kentucky New Home Tax Credit $5000 - Kentucky Home Buyer*