Silver Lining – First Time Home Buyers To Get $8000 Tax Credit On 2009 Home Purchase

First time home buyers $8000 tax creditThe revised and soon to be signed 2009 Stimulus bill still offers some great housing incentives but just not to everyone.  Commencing on the date the bill is signed into law, first time homebuyers, defined as someone who has not owned a home in the last three years, may receive up to an $8000 tax credit if they buy a home between now and November 30, 2009.

While the original language included a $15,000 tax credit for all buyers, it was trimmed in order the get enough votes to pass the House.  Here are the key details of the bill:

  • $8000 tax credit will be applied to your 2009 taxes when filed in 2010
  • If your credit results in a refund, you’ll get the difference back!
  • The tax credit phases out  if your income exceeds $75,000 for single filers or $150,000 for married couples filing jointly
  • Credit is only valid for homes purchased in 2009 and as of December 1, 2009
  • The tax credit does NOT have to be paid back as was the case with the $7,500 credit passed in 2008

So, if you qualify as a first time home buyer, now is a great time to start looking.  With home prices and interest rates still low and the new tax incentive, it doesn’t make a lot of sense to keep renting.

Contact  me at 770-656-7551 to find out where the best deals are in the North Atlanta area.  Click here to start home search.