March 2009

First-Time Homebuyer Tax Credit Alert

Wednesday, March 25th, 2009 at 12:18am. 393 Views, 0 Comments.

The American Recovery and Reinvestment Act (ARRA) included a new $8,000 first-time homebuyer tax credit for 2009 home purchases. Taxpayers who have recently purchased a home or are considering buying a home, have several different ways that they can receive this tax credit – even if they have already filed their tax return.

Qualifying taxpayers who purchase a home between Jan. 1, 2009 and Dec. 1, 2009 can claim up to $8,000 or $4,000 for married individuals filing separately. Taxpayers can claim the credit either on your 2008 tax returns or 2009 tax returns next year. The credit begins to phase out at a modified adjusted gross income of more than $75,000, or $150,000 for joint filers. Taxpayers can claim 10% of the purchase price up to maximum credit.

The…