Stimulus Bill Tax Credit Facts
Stimulus Bill Tax Credit Facts
Here are the basic rules for the new Tax Credit that was signed into law 2/17/09.
- Buyer has to be a "first time" Buyer. Buyers may not have owned a home for the past three years.
- Home was purchased by 01/01/09 thru 11/30/09.
- Income limit restrictions are: $75,000 Singles and $150,000 Couples. Higher incomes will receive a partial credit.
- Must live in the home for three years, or Buyer will be obligated to pay it back.
- Credit is 10% of the home value or $8,000, whichever is less. Any purchase over $80,000 will be the $8,000 tax credit.
- Buyers will claim the credit on their tax return.
Any questions regarding the Tax Credit should be directed to the Clients CPA or Tax Accountant.
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