
Current News and Update: First Time Home Buyer Tax Credit |

| Amount of credit: 10% of cost of home, not to exceed $ 7,500. This is calculated | ||
| per property not per individual. | ||
| Eligible properties: Any single-family home ( incl. Condos and co-ops) that will be | ||
| used as a principal residence. | ||
| Refundable: The tax credit reduces income tax liability for the year of purchase and | ||
| can be claimed on tax return for that tax year. | ||
| Income Limit: Full amount of credit may be available for individuals with adjusted | ||
| gross income of no more than $ 75,000 ($150,000 on a joint return). Credit phases out above those caps (at $ 95,000 and $ 170,000, respectively). | ||
| First Time Homebuyers only: Purchaser (and Purchasers spouse) must both be | ||
| first-time buyers and both may not have owned a principal residence in the three years prior to purchase. | ||
| Recapture: A portion of the credit (1/15th) must be repaid each year for 15 years. If | ||
| the home is sold before the 15 years, then the remainder of the credit is recaptured upon the sale. | ||
| Effective date: Applies to purchases closed on or after April 9, 2008, and on or | ||
| before June 30, 2009. |
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