The new law refers to the tax credit as a first-time home buyer tax credit, but the law defines a first-time home buyer as someone who has not owned a primary residence for 3 years prior to the date of purchase of the new home. So as long as you have not owned a home in the past 3 years, you would qualify for this credit.
Here are the basics to this specific tax credit:
- The home must be your primary residence
- The home must be purchased in 2009
- The homebuyer must not have owned another primary residence for at least 3 years
- The $8,000 credit is applied to the federal income taxes you file in 2010 for the 2009 year.
- You must live in the home as your primary residence for at least 3 years or you'll have to pay the credit back to the federal government
- Single filers are limited to income of $75,000 and $150,000 for joint filers.
If you qualify and would like to take advantage of the tax credit at a time when mortgage rates and home prices are low,
contact us today. It's a fantastic time to buy a home in the Cumming, Alpharetta and Lake Lanier area. Also, check out the
foreclosure listings in the area through a special link on our website.
Labels: $8000, 2009, Alpharetta, cumming, foreclosure, lake lanier, tax credit