'News You Can Use...' from Dennis

'News You Can Use...' from Dennis

March 2009

New First-Time Homebuyer
Tax Credit!
Photo: © Ericsphotography - iStockphoto

The recent $787 billion economic stimulus bill includes an $8,000 first-time homebuyer tax credit. If you are familiar with the $7,500 tax credit for last year, the new $8,000 tax credit is similar, but with some improvements; the tax credit doesn’t have to be repaid, the home purchase date has been extended, and there is a $500 increase in the credit amount. It’s not a big change, but for those ready to buy, the new tax credit is an added incentive.

Here are the new qualifications:

The home must be purchased on or after January 1, 2009 and before December 1, 2009. People who purchased a home last year are covered by the $7,500 tax credit and are not eligible for the $8,000 tax credit.
If you keep your home for at least three years, the tax credit doesn’t have to be repaid.
The tax credit is only available to homebuyers who have not owned a home as a principal residence in at least three years. A vacation home is not considered a principal residence.
There are income restrictions. If your modified adjusted gross income (MAGI) exceeds $75,000 for singles and $150,000 for married taxpayers, you may be eligible for a partial credit.
This tax credit is refundable, meaning you can receive it as a tax refund after filing your federal tax return.

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Dennis H. Mogil - (607) 227-6422

'News You Can Use...' from Dennis - March 2009

Dennis H. Mogil, Howard Hanna Real Estate Services (formerly RealtyUSA), The Mary Stoe Team 2333 N. Triphammer Road, Ithaca NY 14850
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