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Only 4 Months Left to Take Advantage of the $8000 Tax Credit

August 3, 2009
Leslie Ransom  Founding Partner

Leslie Ransom Founding Partner

Submitted by Leslie Ransom

The $8,000 first-time buyer tax credit program ends on November 30th, 2009. That means buyers need to be CLOSED on their homes by NOVEMBER 30th in order to receive the tax credit.

What is the home buyer tax credit? It is a tax refund for 10% of a primary home’s purchase price, up to a maximum of $8,000. The amount not used on your 2009 tax return will be refunded directly to you.

Who is eligible to receive the credit? Eligible buyers are 1st time home buyers and those who have not owned a principal residence in the last 36 months prior to the closing.

Do income limits apply? Yes. The full $8k is given to individuals who make up to $75K and married couples who make up to $150K per year (adjusted gross annual income). The credit amount phases out between $75K and $95K for individuals; $150K and $170K for joint filers.

Keep in mind it’s typically 45-60 days to close on a traditional real estate transaction and short sales can take much longer.

If you want to take advantage of the home buyer tax credit, or know someone who might, give us a call 404-974-4481or email leslieransom@atlantafinehomes.com.

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