FEDERAL AND STATE OF GEORGIA HOME BUYER TAX CREDIT

By
Real Estate Agent with Berkshire Hathaway GA Prop

NOW IS THE TIME TO BUY!!!


NOW is the time!!! If you have been sitting on the fence waiting
to buy a new home....NOW IS THE TIME!!! And, time is of
the essence. Two credits are now available for home buyers
in the state of Georgia. The Federal First Time Home Buyer
Tax Credit and the Georgia Home Buyer Tax Credit (House
Bill 261).

FEDERAL FIRST TIME HOME BUYER $8,000 TAX CREDIT
  • The tax credit is for first time home buyers only. For the
    tax credit program, the IRS defines a first-time home
    buyer as someone who has not owned a principal
    residence during the three year period prior to the
    purchase.
  • The tax credit does not have to be repaid.
  • The tax credit is equal to the 10 percent of the home's
    purchase price up to a maximum of $8,000.
  • The credit is available for homes purchased on or after
    January 1, 2009 and before December 1, 2009.
  • Single tax payers with incomes up to $75,000 and
    married couples with incomes up to $150,000 qualify
    for the full tax credit.
GEORGIA HOME BUYER TAX CREDIT
  • Governor of GA signs May 11 House Bill 261 providing
    for $1800 State of Georgia Tax Credit (1.2% up to $1800).
  • Homes under $150,000 would qualify for the full $1800 tax
    credit.
  • Qualifying homes must have been listed prior to May 11.
  • Tax credit is spread over three years.
  • No purchase restrictions.
  • Program ends November 20, 2009.

Interest rates are at an historical low - 4.5%, making this opportunity
even sweeter. And, these low rates won't last forever! Like the
tax credits, all good things will come to an end....NOW IS THE TIME!



Click to learn more about Federal 
Home Buyer Tax Credit
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Janice Slaven

Suwanee Georgia Real Estate
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