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Southern Maryland First-time Home Buyers Credit Ends Soon!

Southern Maryland First-time Home Buyers Credit Ends Soon!

 It's Time To BUY!

The First-Time Home Buyers Credit was introduced earlier this year as part of the American Recovery and Reinvestment Act of 2009. The act gives a 10 percent credit, up to $8,000, to first-time home buyers, defined as those who have not owned a home in the 3 years prior to the purchase.

The credit is available for purchases made from January 1, 2009 through November 30, 2009. Since closing on a home can take 60 days or longer, individuals who want to take advantage of this credit should be looking for a home now. You have a little over 3 months left to close on the sale.

 

 The First-Time Home Buyers Credit Explained!

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 Nov 30, 2009.

For 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.

First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return. News release 2009-27 has more information on these options. 

 

Energy -Efficient Home Improvements!  

Additional Benefits on Purchasing a Home in Southern Maryland!

Don't Forget to Take Advantage of Recovery Act Benefits!

Energy-Efficient Home Improvements In Southern Maryland !The Recovery Act also encourages homeowners to make their homes more energy efficient. The credit for non business energy property is increased for homeowners who make qualified energy-efficient improvements to existing homes. The law increases the rate to 30 percent of the cost of all qualifying improvements and raises the maximum credit limit to a total of $1,500 for improvements placed in service in 2009 and 2010. Qualifying improvements include the addition of insulation, energy-efficient exterior windows and energy-efficient heating and air conditioning systems. For more information Visit Energy-Effiecient Home Improvements

 

Posted Thursday Aug 27