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First-Time Homebuyer Tax Credit
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| Download "What You Should Know about the First-Time Homebuyer Tax Credit" Spanish |
What you should know about the First-Time Homebuyer Tax Credit The American Recovery and Reinvestment Act of 2009 features and $8,000 tax credit for first time buyers who purchase a home on or after Jan. 1, 2009 and before Dec. 1, 2009.Details of the tax credit include:
- The temporary credit is only available for home purchases made from Jan. 1, 2009 to before Dec. 1, 2009 and is equal to 10 percent of the cost of the home, up to a maximum credit of $8,000. (For example, a home purchased for $80,000 or more would qualify for the full $8,000 credit while a $70,000 home would only qualify for 10 percent, or $7,000)
- Buyers claim the credit on their federal tax return to reduce their tax liability. If the credit is more than their total tax liability that year, the buyer will get a refund check for the balance.
- Only first-time homebuyers can take advantage of the tax credit. A first-time buyer is defined under the tax credit as an individual who has not owned a home in the last three years. For married joint filers, both must meet the first-time homebuyer test to take the credit on a joint return.
- Eligible properties include anything that will be used as a principal single-family residence—including condominiums and townhouses.
- There are income guidelines on the credit. Individuals with an adjusted gross income up to $75,000 (or $150,000 if filing jointly) are eligible for the full tax credit. The credit is phased down for those earning more and is not available for those with an income above $95,000 (or $170,000 if filing jointly).
- The new tax credit does not have to be repaid if the buyer stays in the home at least three years. However, if the home is sold before that, the entire amount of the credit is recaptured on the sale. People who purchased homes under the 2008 $7,500 tax credit program will still be required to repay that credit to the government over a 15-year period.
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Buying Services for Home Buyers
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 | Congratulations! You have decided to purchase a home, or are thinking about buying one. You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family. When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours. Over time, your home will increase in value. In the following reports, you'll find the information you need to make a wise buying decision. We'll take you through the planning process step-by-step , to help you determine which home is right for you. You'll find a host of informative articles on mortgages, viewing homes, the offer, closing details and moving. Please contact us if you have any questions about buying a home in llinois. |
Consider this your home buyer’s toolkit. Open it up, take a look around, and if you like, start equipping yourself with the tools necessary to make your best purchase. In most businesses, knowledge equals power, and real estate is certainly no exception. I hope you enjoy the free reports We’ve provided, and I hope you learn a little more about what it takes to make your important purchase a great one.
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We fight on behalf of OUR Buyers We will negotiate the absolute best price for you We protect you We simplify your transaction for you as much as possible We look forward to working with you! Below, select desired reports and complete the form provided.
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