The Economic Stimulus Bill
The American Recovery and Reinvestment Act of 2009, H.R. 1.
First-Time Homebuyer Tax Credit
- Maximum credit of $8,000
- Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return).
- No repayment unless home is sold within 3 years of purchase
- Reduces income tax liability for year of purchase
- Available to anyone who has not owned a residence in three years.
- Purchasers who use revenue bond financing can use the credit.
- All principal residences are eligible.
- Any unused amount of tax credit refunded to purchaser.
Information taken from the Tax Credit Features chart from the Realtor.org website. The chart can be downloaded by clicking here.
Why You Need to Take Advantage of this Credit?
- Available for a limited time, expires Dec. 1, 2009
- No need to repay - Free Credit
- Great time to sell as more buyers are able to purchase homes
Click here to see a video on the $8,000Home Buyer Credit
Have Questions about the Home Buyer Credit?
Click here to view a detailed list of FAQs prepared by NAR tax counsel Linda Goold. If you still have questions, contact Shorewest, REALTORS® today to see how you can take advantage of the Economic Stimulus bill in your real estate experience.