{"id":22287,"date":"2009-07-01T05:34:48","date_gmt":"2009-07-01T05:34:48","guid":{"rendered":"http:\/\/therealestatemango.com\/2009\/07\/01\/when-the-government-gives-you-something-great-take-advantage-of-it\/"},"modified":"2019-04-23T20:56:03","modified_gmt":"2019-04-23T20:56:03","slug":"when-the-government-gives-you-something-great-take-advantage-of-it","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/when-the-government-gives-you-something-great-take-advantage-of-it\/","title":{"rendered":"Attention, First Time Homebuyers..When The Government Gives You Something Great, Take Advantage of It"},"content":{"rendered":"\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

FEATURE<\/span><\/span><\/strong><\/p>\n<\/td>\n

\n

CREDIT AS CREATED JULY 2008<\/span><\/span><\/strong><\/p>\n

APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008<\/span><\/span><\/strong><\/p>\n<\/td>\n

\n

REVISED CREDIT \u2013 <\/span><\/span><\/strong><\/p>\n

EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009<\/span><\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n

\n

Amount of Credit<\/span><\/span><\/strong><\/p>\n<\/td>\n

\n

Lesser of 10 percent of cost of home or $7500 <\/span><\/span><\/p>\n<\/td>\n

\n

Maximum credit amount increased to $8000<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Eligible Property<\/span><\/span><\/strong><\/p>\n<\/td>\n

\n

Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.<\/span><\/span><\/p>\n<\/td>\n

\n

No change<\/span><\/span><\/p>\n

All principal residences eligible.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Refundable<\/span><\/span><\/strong><\/p>\n<\/td>\n

\n

Yes.\u00a0 Reduces (or can eliminate) income tax liability for the year of purchase.\u00a0 Any unused amount of tax credit refunded to purchaser.<\/span><\/span><\/p>\n<\/td>\n

\n

No change<\/span><\/span><\/p>\n

Purchasers will continue to receive refund for unused amount when tax return is filed.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Income Limit<\/span><\/span><\/strong><\/p>\n<\/td>\n

\n

Yes.\u00a0 Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return).\u00a0 Phases out above those caps ($95,000 and $170,000). <\/span><\/span><\/p>\n<\/td>\n

\n

No change<\/span><\/span><\/p>\n

<\/span><\/span><\/p>\n

Same income limits continue to apply.<\/span><\/span><\/p>\n

<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

First-time Homebuyer Only<\/span><\/span><\/strong><\/p>\n<\/td>\n

\n

Yes.\u00a0 Purchaser (and purchaser\u2019s spouse) may not have owned a principal residence in 3 years previous to purchase.<\/span><\/span><\/p>\n<\/td>\n

\n

No change<\/span><\/span><\/p>\n

Still available for first-time purchasers only.\u00a0 Three-year rule continues to apply.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Revenue Bond Financing<\/span><\/span><\/strong><\/p>\n<\/td>\n

\n

No credit allowed if home financed with state\/local bond funding.<\/span><\/span><\/p>\n<\/td>\n

\n

Purchasers who utilize revenue bond financing can use credit.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Repayment<\/span><\/span><\/strong><\/p>\n<\/td>\n

\n

Yes.\u00a0 Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.<\/span><\/span><\/p>\n<\/td>\n

\n

No repayment for purchases on or after January 1, 2009 and before December 1, 2009 <\/em><\/span><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Recapture<\/span><\/span><\/strong><\/p>\n<\/td>\n

\n

If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.<\/span><\/span><\/p>\n<\/td>\n

\n

If home is sold within three years of purchase, entire amount of credit is recaptured on sale.\u00a0 Applies only to homes purchased in 2009.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Termination<\/span><\/span><\/strong><\/p>\n<\/td>\n

\n

July 1, 2009 <\/span><\/span><\/p>\n

(But note program changes for 2009)<\/span><\/span><\/p>\n<\/td>\n

\n

December 1, 2009<\/span><\/span><\/p>\n

<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/span><\/span><\/strong><\/p>\n

Effective Date<\/span><\/span><\/strong><\/p>\n<\/td>\n

\n

Purchases on or after April 9, 2008 and before January 1, 2009.\u00a0 Repayment to begin for 2010 tax year.<\/span><\/span><\/p>\n<\/td>\n

\n

All revisions are effective as of January <\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

FEATURE CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008 REVISED CREDIT \u2013 EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009 Amount of Credit Lesser of 10 percent of cost of home or $7500 Maximum credit amount increased to $8000 Eligible Property<\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":130092,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[11767],"tags":[],"yoast_head":"\nAttention, First Time Homebuyers..When The Government Gives You Something Great, Take Advantage of It - BHHS EWM Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ewmrealestate.com\/blog\/when-the-government-gives-you-something-great-take-advantage-of-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Attention, First Time Homebuyers..When The Government Gives You Something Great, Take Advantage of It - 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