April 29th, 2009 | Uncategorized | No Comments »
FIRST-TIME HOMEBUYER TAX CREDIT
As Modified in the American Recovery and Reinvestment Act
Major Benefits of First Time Home Buyer Tax Credit for Maryland Real Estate Home Buyers
- Effective for homes purchased January 1, through December 1, 2009.
- Maximum credit amount is 10% of the purchase price of the home up to $8,000.
- All principal residences including single family, town homes, condos and co-ops.
- If the price of the home you buy is $80,000 or more, you will receive the full $8,000 Tax Credit to offset your income tax liability OR receive a REFUND for any amount up to $8,000 if your actual tax liability is less.
- Income limits to qualify for the tax credit and or Tax REFUND is $75,000 for single filers and $150,000 for married filers. Married filers filing separately can receive a tax credit of $4,000 each.
- First Time Home Buyer means a person who has not owned a principal resident for the past 3 years.
- Eligible for home buyers using revenue bond programs for down payment or closing cost assistance.
- No repayment required unless the home is sold in the first 3 years.
Contact Lynn Stewart 301/580-4552 (lynn.s@longandfoster.com)
Www.lynnstewartsells.com