$8000 Tax Credit:
Great News for First Time
Home Buyers
T
he thrill and satisfaction of buying If the credit is more
your first home has an added bonus than their total tax
of putting money in your pocket liability for the year,
with a tax credit of up to $8000. The the buyer will get a
American Recovery and Reinvestment refund check for the
Act of 2009 features a tax credit equal to balance.
10% of the home’s purchase price up to Here are the
a maximum of $8000 for first-time buyers rules to qualify for
who purchase a home in 2009. (For ex- this tax credit:
ample, a home purchased for $80,000 or
more would qualify for the full $8000 1. Only first-time
credit while a $70,000 home would only home buyers pur-
qualify for 10%, or $7,000). And this tax chasing a home to be
credit is a straight dollar-for-dollar reduc- their primary resi-
tion of your tax bill that does not have to dence including
be paid back if you remain in your home single family, town-
for at least 3 years. homes, and condo-
Buyers claim the credit on their fed- miniums. A first-time
eral tax return to reduce their tax liability. home buyer is de-
fined as an individu-
al who has not owned
a home in the past
three years.
2. There are income
guidelines on the credit. Individuals with
Combined with interest rates at his-
an adjusted gross income up to $75,000
toric lows of under 5%, home prices at
(or $150,000 if filing jointly) are eligible
their most affordable, and home selection
for the full tax credit. The credit is phased
at an all time high, the 2009 first-time
down for those earning more and is not
home buyer tax credit could be exactly
available for those with incomes above
what you’ve been waiting for. Again, this
$95,000 (or $170,000 if filing jointly).
credit does not have to be paid back as
long as you live in the home for at least
3. The new tax credit does not have to be
3 years.
repaid if the buyer stays in the home at
least three years. But if the home is sold
Please consult your CPA for further
before that, then the entire amount of the
clarification and verification of this infor-
credit is recaptured on the sale.
mation. You can also go to www.irs.gov
and www.federalhousingtaxcredit.com
to learn more.
For those people who purchased a

home last year in 2008: these buyers (of
This could be a perfecct opportunity
their primary residence) will fall under
to own your first home!
the $7,500 tax credit program. This tax
credit for 2008 must be repaid to the
Ann Hardee is a Realtor/Broker with RE/
government over a 15 year period. (Like
MAX 1st Choice. She can be reached
an interest free loan for 15 years in which
at336-327-8440 or annhardee@remax.
you pay back $500/year with each tax
net. See ad on page 64.
filing)
20 NaturalTriad.com
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