As Modified in the American Recovery and Reinvestment Act:
Effective for Purchases January 1, 2009-December 1, 2009
- Maximum Credit Amount Increased to $8,000.
- All Single Family Residence (Including Condos, Co-ops, Townhouses) Used as a Principal Residence are Eligible.
- Reduced (or can eliminate) Income Tax Liability for the Year of Purchase. Any Unused Amount of Tax Credit Refunded to Purchaser.
- Full Amount of Credit Available for Individuals with Adjusted Income of No Moore than $75,000 ($150,000 on Joint Return).
- Purchaser May Not Have Owned a Principal Residence in 3 Years Prior to Purchase.
- No Repayment of Credit for Purchases January 1, 2009-December 1, 2009.
- If Home is Sold Within 3 Years of Purchase, Entire Amount of Credit is Recaptured on Sale. Applies Only to Homes Purchased in 2009.
For Further Information on the The First Time Home Buyers Credit
631-661-5100
