Attention: 2009 First Time Home Buyer Tax Credit NOW EXTENDED
If You are A First Time Homebuyer OR if You Know Someone Interested in Buying Their First Home in Atlanta, It is Important to Know that the tax credit has NOW BEEN EXTENDED until June 30th, 2010! New Lending Guidelines Might End the Days of A 30 Day Closing Time Frame So I Do Not Encourage Waiting until the Last Minute. 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 prior to June 30th, 2010. At a glance:
Applies to purchases that CLOSE after 4/8/2008 and before 06/30/2010 Applies only to homes used as a taxpayer's principal residence
Reduces a taxpayer's tax bill or increases his/her refund, dollar for dollar
Is fully refundable, meaning that the credit will be paid out to eligible taxpayer's, even if they own no tax or the credit is more than the tax owed
Certain restrictions and eligibility requirements apply
NOW INCLUDED:
The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. This also ends June 30, 2010! At a glance:
Applies to purchases that CLOSE after 4/8/2008 and before 06/30/2010 Applies only to homes used as a taxpayer's principal residence
Reduces a taxpayer's tax bill or increases his/her refund, dollar for dollar
Is fully refundable, meaning that the credit will be paid out to eligible taxpayer's, even if they own no tax or the credit is more than the tax owed
Certain restrictions and eligibility requirements apply
Contact Us Now to Take Advantage of the Tax Credit before it expires
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For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase. The previous tax credit had a limit of $7,500 and had to be repaid. The new tax credit has a limit of $8,000 and does not... free money! You do not have to repay the credit, provided the home remains your primary home for 36 months after the purchase date. Qualifying tax payers who purchase a home before December 1st receive up to $8,000 or $4,000 for married individuals filing separately. You are eligible for the credit in your 2008 taxes if you filed an extension. If you have already filed 2008 returns, you can follow up with an amended return to claim the credit this year. You can claim the credit in 2009 rather than 2008. For some taxpayers, it may make more financial sense to wait and claim the homebuyer credit next year when they file the 2009 tax return. This will benefit taxpayers who might qualify for a higher credit on the 2009 tax return. This could include people who have less income in 2009 because of factors such as a job loss or drop in investment income. The amount of the credit begins to fade out for taxpayers whose modified adjusted gross income is more than $75,000, or $150,000 for joint filers. Taxpayers can claim 10% of the purchase price up to $8,000, or $4,000 for married individuals filing separately.
Call 404-386-5072 if you are looking to purchase a home
in Atlanta with the First Time Home Buyer Tax Credit
DON'T FORGET ABOUT THE ADDITIONAL $1800 AVAILABLE THROUGH THE STATE OF GEORGIA FOR ALL PURCHASERS REGARDLESS OF INCOME AND WETHER OR NOT YOU HAVE OWNED A HOME OVER THE PAST 3 YEARS. FOR THOSE THAT QUALIFY FOR THE $8000 THIS IS IN ADDITION TO THAT AMOUNT.
Please Talk to Your CPA for Any Additional Questions Specific to You.
