Property Insurance Corp

Posts Tagged ‘Purchase Tax Credit’

The recovery has recently signed and Reinvestment Act, which amends the previous, for the first time homebuyer tax credit. Amending the above benefits, extending the time needed at home to qualify for the credit and the tax credit amount you receive.

For purchases in 2009, the following are the highlights:

• The degree of purchase: To be completed between 1 January 2009 to November 30, 2009.
· Single (s) Note: they are considered the first time homebuyer, if you and your partner if you were married, they had no residence within three (3) years immediately preceding the date of purchase.
· BENEFITS: remains at 10% of the purchase price, but the ceiling was raised to $ 8,000 if a joint declaration with his spouse.
· Back Pay: the purchase of the classification in 2009, you pay the mortgage, provided that the property remains your first home for 36 months.
Credit reductions °: The credit is reduced if your modified gross income (MAGI) exceeds $ 150 000, or a joint or $ 75,000 if single. No, if your MAGI reaches $ 170 000 if filing jointly or $ 95,000 if single.
• If the tax is less than the maximum allowed for the purchase can be the difference in perspective one year after the complaint.

The Recovery and Reinvestment Act, you can choose to buy from a report of scores in 2009, although there was December 31, 2008.

The credit is available only after the purchase has been completed, so that they can not afford to use the same purchase. One possibility is to obtain a loan from a family member or trusted friend to repay the loan with the tax shelter.

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