First Time Home Buyer’s Tax Credit – 2009
First Time Home Buyer’s Tax Credit – 2009 Welcome, dear visitors, to your educational and cultural platform (eklil almarfh). We welcome you among the flowers of creativity and the nectar of brotherhood. And we hope that your visit to the platform will be of benefit and achieve the required purpose of the visit.
Taking Advantage of the 2009 American Recovery and Reinvestment Act
One of the most powerful benefits of the American Recovery and Reinvestment Act of 2009 is the First Time Home Buyer’s Tax Credit.
The bill provides for up to a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. First time Home Buyer does not necessarily mean you have never owned a home before. In order to be eligible for this credit, you cannot have owned a home in the last three years and the home you are purchasing must have the intended use as your primary residence.
In order to be eligible for this credit, there are some income limitations. If you are single, you cannot have adjusted gross income over $75,000, and if you are married, your AGI cannot exceed $150,000.
The credit is calculated based on the purchase price of the home. In order to calculate the amount you will receive, simply take 10% of the purchase price. This is the amount you will receive in the form of a credit, not to exceed $8,000 of course. The credit you receive does not require repayment. In addition, if you do not owe taxes in the full amount of the credit, you will be refunded the unused amount in the form of a check!
In conjunction with the benefits of mortgage tax deduction, this additional credit can save a first time home buyer a significant amount of money leaving more in your pocket rather than to Uncle Sam.
Source by Jackie Weitzberg
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