Up to $8,000 Tax Credit

    For Qualified First-Time Home Buyers

Extended to April, 2010!

                                  First-time homebuyers may be able to take advantage of a tax credit for homes purchased before April, 2010.

 

The credit:

  • Applies to purchases made before April, 2010.
  • Applies only to homes used as a taxpayer's principal residence.
  • Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
  • Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

For 2009 Home Purchases

The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1.

For a home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer's main residence within a three-year period following the purchase.

 

The credit amount starts phasing out if you make more than $75,000, or $150,000 if you’re filing a joint return.

 

So you can buy now, but before December 1, 2009, and get cash back on your tax return.

“Home Sweet Home” never sounded so good!

 

For more information on the tax credit, or if you just have a question, drop us an email at: TaxCredit@SoldInHamptonRoads.com