Dianne
Goodman, CPA, FCPA
Comprehensive Small Business Solutions, PC
Individual, Business and Forensic Services
1-888-851-1975 Toll
Free or (505) 323-2307 in Albuquerque Metro
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FOR IMMEDIATE RELEASE: FIRST-TIME HOMEBUYER TAX CREDIT The American Recovery and Reinvestment Act has made some significant changes to the first-time homebuyer tax credit for 2009. WHO QUALIFIES FOR THE CREDIT? Single filers with adjusted gross income of no more than $75,000 and joint filers of $150,000 will get a full amount of credit. It is phased out above those amounts and caps at $95,000 for individuals and $170,000 for joint filers. IF YOU OWNED A HOME PREVIOUSLY, CAN YOU STILL QUALIFY FOR THE CREDIT? Yes, you can qualify as long as you did not own a principal residence in the 3 previous years prior to purchase. HOW MUCH IS THE CREDIT? The credit is now increased to a maximum of $8,000. The amount of the credit is still the lesser of 10% of the cost of the home or $8,000. WHAT PROPERTY IS ELIGIBLE? There is no change from 2008. Single family residences, condos and co-ops qualify as long as the property is used as the principal residence. IS IT REFUNDABLE OR ONLY APPLIED TO TAX OWED? It is fully refundable and taxpayers will receive a full refund when they file their taxes.
DO I HAVE TO PAY THE CREDIT BACK? This is a significant change from 2008. You do not have to pay this amount back as long as the home was purchased on or after January 1, 2009 and before December 1, 2009. It is a true credit. In 2008, you had to pay it back over 15 years. DO I HAVE TO WAIT TO GET MY CREDIT UNTIL I FILE MY 2009 TAXES? No, you can file for the refund with your 2008 tax return for a home purchased in 2009. This article was intended to provide general information regarding the first-time homebuyers credit . It does not contain all the rules and exceptions that may apply to your situation. If you have further questions, I can be reached at www.dgoodmancpa.com. About the Author Dianne Goodman, CPA, FCPA - Specializes in servicing Small Businesses and Individuals. Visit www.dgoodmancpa.com for relevant and current information on a variety of financial and tax issues focusing on small businesses and individuals or call at 1-888-851-1975. CONTACT INFORMATION: Dianne
Goodman, CPA, FCPA
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