Don’t miss out on the 2009 First-Time Home-buyer tax credit of $8,000! Eligible buyers must purchase before December 1, 2009 … that’s right, the tax credit expires on November 30th and not December 31st, 2009.
You can claim the credit ($8000 or 10% of purchase price, whichever is less) if you are a first-time home-buyer. You are considered a first-time home-buyer if:
- You purchased your main home in 2009 before December 1, 2009
- You (and your spouse if married) did not own any other main home in the previous 3 years.
- Your income is not more than $75,000 ($150,000 if married filing jointly)
For incomes over these limits up to $95,000 ($170,000 married filing jointly), you may get a partial credit.
- Credit does not have to be repaid provided that you live in your new home as your main home for 3 full years after the purchase date.
Who cannot claim the credit?
- You cannot claim the credit if your income is $95,000 or more ($170,000 married filing jointly).
- You are a nonresident alien.
- You acquired your home by gift or inheritance.
- You acquired your home from a related person.
- Your home is located outside of the United States.
This info is compliments of loan broker, Eddie Knoell. If you need a loan, or a refinancing, he can be reached at 602-248-4200.
If you are ready to buy, let us help you. It is important to select your home and have it in escrow prior to the end of September. It is taking longer for homes to get through loan underwriting. Planning to have a contract on a home in escrow before the end of September will help to be sure you meet the end of November 2009 time line for the tax credit. Call us at 480-201-3001 and tell us how we can help you.
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