Useful Resources

Home Buying and The Tax Stimulus Bill of 2009

Do you need $8,000 to assist you in purchasing a home? The 2009

Stimulus Bill provides first time home buyers a refundable credit up to

10% of the purchase price or $8,000 whichever is lower. First time

buyers are defined as individuals who have not owned a home in three

years. The credit can be taken on the 2008 or 2009 federal tax return.

This credit, unlike last years, does not have to be repaid if you live in the

home for three years. To use the credit you must occupy the property

purchased as your personal residence. There are income limits that begin

phasing out the credit at $75,000 (MAGI) for single taxpayers and

$150,000 (MAGI)for married taxpayers.

Written on 2009-08-04

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