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First-Time Homebuyer
Program
At Coldwell Banker Barnes we're proud to
share valuable information with you concerning the new, first-time
homebuyer tax credit. This is an unprecedented opportunity
for first-time homebuyers to save on their federal taxes,
while taking advantage of historically low interest rates
and an ample inventory of homes for sale. Don't miss out,
this offer expires soon. Contact
us today for more information!
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FEATURE
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H.R. 3221
Housing and Economic Recovery Act of 2008
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Amount of Credit
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Any single-family residence
(including condos, co-ops) that will be used as a principal
residence.
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Refundable
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Yes. Reduces income
tax liability for the year of purchase. Claimed on tax
return for that tax year.
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Income Limit
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Yes. Full amount of
credit available for individuals with adjusted gross
income of no more than $75,000 ($150,000 on a joint
return). Phases out above those caps ($95,000 and $170,000,
respectively).
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First-time Homebuyer
Only
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Yes. Purchaser (and
purchaser's spouse) may not have owned a principal residence
in 3 years previous to purchase.
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Recapture
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Yes. Portion (6.67
% of credit) to be repaid each year for 15 years. If
home sold before 15 years, then remainder of credit
recaptured on sale.
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Effective Date
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Purchases on or after
April 9, 2008
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Termination
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July 1, 2009
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Interaction with Alternative
Minimum Tax
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Can be used against
AMT, so credit will not throw individual into AMT.
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