2009 Tax Credit
There are some significant differences between the 2008 and 2009 tax credit offered to first time home buyers. To take advantage of the new tax credit you must purchase a home between January 1, 2009 and December 1, 2009. Be sure to consult your tax advisor to find out of you qualify.
Now is the perfect time to buy....rates are low, home prices are still low and the new tax credit is now available for your purchase this year. Contact Sheri Hipsley now to begin your search for a new home. Visit www.SheriHipsley.com to view all mls listings, including homes for sale in Baltimore County, Baltimore City, Harford County, Anne Arundel County, Howard County and Carroll County Maryland.
Frequently Asked Questions 2009 First Time Homebuyer Tax Credit
1. Who Is Eligible For The 2009 First Time Homebuyer Tax Credit?
Any first time home buyer who purchases an eligible property between January 1, 2009 and December 1, 2009.
2. What is a first time home buyer?
Anyone who has not owned a principal residence in the three years preceeding the purchase.
3. What is the amount of the tax credit?
It is 10% of the purchase price up to a maximum of $8000.00
4. What properties are eligible?
Any single family residence that will be used as a primary residence, including condo's and townhouses.
5. Do I have to repay the credit?
No. You do not have to repay the credit. However, if you sell the home within the first 3 years of purchase the entire amount of the credit is recaptured on the sale.
6. Are there income limits?
Yes, there are income limits of $75,000 for individuals and $150,000 on a joint return. If your income exceeds these amounts, you may still be eligible. The credit decreases for individual buyers who earn between $75,000 and $95,000 and joint buyers who earn between $150,000 and $170,000.
Advance Realty Direct, Inc.
CELL: 443-756-5041
Office: 410-288-6700
E-Mail: SheriHipsley@mris.com
Web: http://www.SheriHipsley.com
This page has been updated to reflect the correct dates for purchase. This information is believed to be accurate, but not guaranteed. Contact your tax consultant to find out if you qualify for the tax credit.
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