As a followup to my earlier blog post about the first time buyer credit here are some quick facts:
- The tax credit is equal to 10 percent of the home's puchase price, up to $8,000.
- Buyers can claim the credit on either their (amended) 2008 Federal tax return or on their 2009 Tax Return. More info can be found at www.irs.gov
- The home sale MUST close by November 30, 2009
- The full credit is available to buyers with modified adjusted gross incomes (AGI) of $75,000 for single taxpayers and $150,000 for married taxpayers. Smaller partial credits are available for incomes up to $95,000 single and $170,000 married.
- It is possible to use cash from the credit towards the downpayment of the home purchase this year. For more information, go to www.fha.gov
- If the new home is occupied for at least three years, buyers do not have to repay the credit.
Gloria Singer is the Broker of Boca Expert Realty, a boutique Boca Raton real estate company with a focus on professional service and an unparalleled customer experience. Our select agents are amongst the top performing professionals in the field. Visit www.BocaExpert.com for information on Boca Raton, Delray Beach and Highland Beach real estate and to connect with an expert in the local market.