Marcia Brown
Phone:
678-339-3611
Mobile:
770-757-3376
Fax:
770-992-6915

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Office:
Atlanta - North Fulton
5780 Windward Parkway, Suite 100
Alpharetta, GA 30005

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 Homebuyer Tax Credit Changes

If you have been waiting to buy a home of your own, you now have an extra incentive.

 

Existing Homeowners  
  • Home buyers who have lived in their home for five out of the last eight years qualify for a tax credit of up to $6,500.  
  • The deadlines are the same as for first-time buyers.
  • The income thresholds for existing homeowners are also the same as those or first-time home buyers.  Likewise, existing homeowners can't claim the credit if they purchase a home for more than $800,000.
  • Your new home must be your principal residence. You can't use the credit to buy a vacation home.
  • However, there is nothing in legislation that requires you to sell your existing home to qualify, says Mark Luscombe, senior tax analyst for tax publisher CCH.  You could keep your first home as a vacation home or rental, he says, although that property would no longer qualify for tax breaks associated with a primary residence.
 
First Time Homebuyers  
  • If you are a first time homebuyer you do not have to close before December 1, 2009 to claim the credit of $8,000.  
  • Once the legislation has been signed it will be as if the November 30 date had nevver existed. Therefore so long as the Contract settles before April 30 (or July 1 worst case) the purchaser will be eligible for the credit.

Call Marcia for full details on this Home Buyer Tax Credit!   

770-757-3376 marciahb@bellsouth.net
( click here for details)

 



















 

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