Wednesday, April 22, 2009

2009 Homebuyer Tax Credit

The homebuyer tax credit is one of 10 key provisions of the American Recovery and Reinvestment Act signed by President Obama into law on Feb. 17, 2009.

The bill provides for 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.  The credit does not require repayment.  Most of the mechanics of the credit will be the same as under the 2008 rules:  the credit will be claimed on a tax return to reduce the purchaser's income tax liability.  If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
Chart Highlighting the Major Modifications to the First-Time Homebuyer Tax Credit> (PDF: 309K)

No comments:

Visit Rich Ferretti on Active Rain

You can find great local Mint Hill, North Carolina real estate information on Rich Ferretti is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.

Blog Listing - The internets fastest growing blog directory

About Me

My photo
Charlotte North Carolina Real Estate Professional. Visit our site