2009 Tax Credit

Helping You:

Michelle DeLeon, UABS

2009 Tax Credit: Qualified Buyers Receive Up to $8,000!

First time home buyers
OR if you have not owned a home in the last 3 years

The tax credit is for a home purchase that will be used as a principal residence; it's 10% of the purchase price, up to $8000. The tax credit reduces the income tax liability for the year and any unused amount will be refunded to the purchaser. Income limits are based on the full amount of the credit available for individuals with an adjusted gross income limit of no more than $75,000 ($150,000 on a joint return).

*If the home is sold within three years of purchase, the entire amount of the credit is recaptured on the sale.

Bonus: Qualified buyers can receive the funds this year by amending their 2008 tax return!
Go to IRS.gov for more info.