Albuquerque Real Estate with Joe Brooks

April 27, 2009

Albuquerque Foothills Home for Sale

Filed under: Uncategorized — joebrookshomes @ 9:05 pm

 

 

Also Check out the community website www.ILovefoothills.com

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First Time home buyer Tax Credit 2009 information

Filed under: Uncategorized — Tags: — joebrookshomes @ 9:01 pm

From Your Albuquerque Realtor Joe Brooks “The realestate guy”

 

505 977 3474 or joebrooksrealestate@gmail.com

 

I just wanted to outline the information about the tax credit to you all.

 

$8,000 First Time Homebuyer Tax Credit

 

As per the American Recovery and Reinvestment Act of 2009

 

Feature                                                 The Facts

 

Amount of Credit               Maximum credit amount is 10% of the value of the home,

not to exceed $8000

 

Eligible Property                       Any single-family residence (including condos), that will be used as a primary residence.

 

Refundable                               Yes! This credit is no longera reduction of income tax liability, but a dollar for dollar tax reduction.  A purchaser will receive a refund for any unused amount when the tax return is filed.

 

Income Limit                            An Individual who files a form 1040 status as single (or head of household) are eligible for the tax credit if their income is no more than $75,000. Individuals who file a joint return may have no more than $150,000 in income.  The credit phases out if income exceeds these limits up to an eligibility cap of $95,000 for individuals, and $175,000 for joint returns.

 

First-time Home buyer Only     Yes! All purchasers may not have owned a home in three years previous to purchase.

 

MFA Bond Program                       Purchasers who utilize the NMMFA Bond Program are now eligible to receive this credit!

 

Recapture                                 If the home is sold within 3 years of purchase, the entire amount of the credit must be repaid.  Borrowers should consult a tax advisor to provide guidance relevant to their specific Circumstances.

 

Effective Date                           Purchases on or after January 1, 2009 and before December1, 2009   

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