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First Time Home Buyers Tax Credit Up to $8,000

On February 17th, 2009 the president signed into law the American Recovery and Reinvestment Act of 2009, which includes a tax credit for first time home buyers that are qualifying taxpayers. Some of the tax credit details are:

1. You must be a first time home buyer purchasing a principal residence of a buyer who has not owned a principal residence in the three years prior to the purchase date.
2. The tax credit does not have to be repaid if the home remains your main residence for 36 months from the purchase date.
3. You must purchase a home between January 1st, 2009 and before December 1st, 2009 to qualify.
4. You can claim a tax credit of 10% of the purchase price up to $8,000 or $4,000 for married individuals filling separately.
5. The amount of the credit phases out for taxpayers whose adjusted gross income is more than $75,000 or $150,000 for joint filers.

The 2009 tax credit for first time home buyers differs from the prior tax credit in 2008. The new law expands the maximum credit from $7,500 to $8,000 and eliminates repayment of the credit for taxpayers who keep the home as their principle residence for 36 months.

Start you search today for a new home by visiting our “Find a Home” page or locate a builder near you by using our “Find a Builder” search tool. The Commodore Corporation offers a variety of homes to choose from ranches, two-stories and cape cods. Let us help you find a home of your dreams!

The information above is a short overview of the First Time Homebuyer Tax Credit and Please visit www.irs.gov for more information and to make sure you are qualified for this tax credit.

More information also can be found at the National Association of Home Builder's (NAHB) website, or the Manufactured Housing Institute's website.

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