Home Buyers Tax Credit 2009

Posted by Susan Zanzonico on Wednesday, November 25th, 2009 at 11:20am.

First-Time Home Buyers Tax Credit 2009

Tax Credit for first-time home buyers stimulates demand! This is an incentive of up to 8K offered to first-time home buyers... first time home buyers represent 40% of the home buying market today. The question is how do we define a first-time home buyer? Simple...someone who hasn't owned a home or townhome 3 years prior to purchasing. If a couple isn't married, the IRS will allow the tax credit to go to one buyer if they meet the first-time home buyer criteria. The purchase can be a single family, condo, townhome, mutli-family, etc. and MUST be the principle residence. The credit caps out at 10% of the purchase price or $8K. There are some income limits that apply...$150K for a married couple and $75K for singles. If your income is more, you may still qualify for a partial credit. This 2009 tax credit differs from the tax credit of 2008 in that this is a true credit that can be kept by the buyer as long as you hold the purchase for at least 3 years. The tax credit of 2008 requires that you pay it back in 15 years. If you purchased a home in 2008...sorry, you are not qualified for this credit. Ask your Realtor to recommend a good mortgage representative to give you more details and get out there first-time home buyers, take advantage of this great opportunity to buy real estate! This is a great deal, prices are low and so are the rates.

Susan Zanzonico - Morristown NJ Real Estate - Also specializing in Chatham NJ Real Estate, Morris Township NJ Real Estate and Short Hills NJ Real Estate