2009 First-Time Home Buyer Tax Credit

What is it? And do I qualify?

• The up to $8,000 (or 10% of purchase price, the lesser of the two) credit does not have to be repaid.
• If the home is sold within 3 years of the purchase date, the tax has to be repaid.
• It is for first-time homebuyers purchasing a primary residence... first-time homebuyer for this instance means you have not owned a primary residence for the past 3 years.
• Married couples earning less than $170,000 Modified Adjusted Gross Income, single people earning less than $95,000 MAGI qualify for some form of the credit.

These are just a few of the details. The best source of information I have seen was put together by the National Association of Realtors.

http://www.realtor.org/wps/wcm/connect/f6ee3f004d2465a491f6f526a9949436/government_affairs_homeb_tax_credit_new.pdf?MOD=AJPERES&CACHEID=f6ee3f004d2465a491f6f526a9949436

If you would like more information about the 2009 First Time Homebuyer Tax Credit, please do not hesitate to contact me (910) 431-5686 or Michelle@MichelleRobertsRealtor.com.