First Time Homebuyer Tax Credit
Here are details on the $8,000 tax credit for first time homebuyers that can be used on all MLSmart.com properties that is part of The American Recovery and Reinvestment Act of 2009...
Tax credit equals lessor of 10% of the property's value or $8,000
Effective for properties bought between January 1, 2009 and December 1, 2009
The property purchased must be single-family (condos & townhouses included) and used as a principal residence for three years.
There is an income limit of $75,000 per individual (adjusted gross income) or $150,000 if filing a joint reurn. Individuals above these salaries may still receive a portion of the tax credit. IRS Form 5405 will help to determine this. Only first-time homebuyers are eligible or the purchaser (and purchaser's spouse) must not have owned a principal residence in the last three years
This tax credit does not have to be repaid if the property is purchased between 1/1/09-12/1/09
This tax credit can be used on all MLSmart.com properties, as long as indviduals meet the criteria of the federal program. This is just a basic summary, MLSmart Realty recommends you consult a tax professional for more specific information that may pertain to you, as several states also have local policies.
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