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2009 Home Buyer $8000 Tax Credit
By admin | February 27, 2009
The IRS has put out 5405 Form as it pertains to the 2009 home buyer credit. The form is designed to help a Homebuyer through the process of filing for the Home Buyer Credit.
You can claim the first time home buyer credit if you purchased a primary residence located in the United States between April 8, 2008, and December 1, 2009 and you or your spouse (if married) did not own any other home during a three year period ending on the date of the purchase.
2009 Home Buyer $8000 Tax Credit
You will not be able to claim the credit if you make more than $95k per year or $170k a year filing jointly. Other reasons you may not be able to claim the home buyer credit include: non-resident with alien status, home owner as a result of a gift, home owner as a result of a family purchase. There are also other exclusions as well.
For homes purchased in 2008: The credit will be an interest free loan that will have to be paid back over 15 installments starting in 2010. If the home ceases to be your primary residence within the term of the loan (15 years), you will have to pay the loan off in full in the very same year.
For homes purchased in 2009: The repayment of the credit or loan will be waived so long as it remains your primary residence for 3 years begining on the day of the closing of your home. If you sell or otherwise dispose of your home or it stops being your primary residence within the 3 year period, you will be forced to repay your home buyer credit that year.
The total amount of the home buyer credit is the lesser of $7500 ($8000 for homes purchased in 2009) or 10% of the purchase price of the home. You get the full amount if your income is less than $75k per year or $150k for married couples filing jointly according to the IRS.
New Jersey Home Buyers
With the average price of a first time home buyer home being well over $200,000 in most of New Jersey most any home for sale here will qualify for the entire credit.
To begin your home search be sure to visit the Northern New Jersey Home Search tools located on another page of this website.
James Boyer
Morris Essex & Union County Realtor
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
Category: Morristown, Summit |
4 Responses to “2009 Home Buyer $8000 Tax Credit”
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March 2nd, 2009 at 5:03 pm
I think all of us as agents should promote this to our 1st time homebuyers and get people purchasing homes again.
March 2nd, 2009 at 6:59 pm
[...] 2009 Home Buyer $8000 Tax Credit | [...]
March 18th, 2009 at 12:20 pm
i agree with Lacey but i think we will see a big increase in buyer in the winter at the end of this year.
March 30th, 2009 at 12:04 am
Now that you have had time to look over this credit, what are you thinking of it? Do you think it will get homes in your area selling, or do you think it is just not enough to stop people from being scared of buying?