Tuesday, June 9, 2009

Homebuyer Credit


There’s Still Time

Have you been considering purchasing a new home this year? Well now could be the perfect time to do so. The First-Time Homebuyers Credit that was started in 2008 is still available from the Federal Government until December 1, 2009 and there have been a few beneficial changes.

• The Housing and Economic Recovery Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount from $7,000 to $8,000 for homes purchased before the end of this year.

• This year the $8,000 credit does not have to be paid back unless the home ceases to be the taxpayer’s main residence within three years from the date of purchase. If the home is no longer the taxpayer’s main residence, the full amount of the credit received becomes due on the tax return for the year the home ceased being the primary residence.

• The $8,000 credit is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed. This could decrease your tax liability or increase your refund.

With home-loan interest rates declining and the First-Time Homebuyers Credit still available, it just may be the time to consider purchasing that new home.

For more information and full details regarding the Housing and Economic Recover Act and the First-Time Homebuyer Credit click on the link below.



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