First-Time Homebuyer Tax Credit
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Last year we got a "credit" for "first-time" homebuyers. "First-time" means you did not have an ownership interest in a personal residence in the prior three years. You get a credit equal to 10% of the home’s purchase price with a $7,500 "cap". It's really a loan, paid back over 15 years, interest-free. It applied to purchases between April 6, 2008 and July 1, 2009.
A new credit affects any 2009 purchase before December 31. A higher $8,000 credit limit applies. Best of all, there's no repayment unless it ceases to be your main home within three years. There’s still a phase-out; credit phases out over a $20,000 range as income reaches $75,000 ($150,000 for couples). There is an election to treat any qualified home as if it were purchases December 31, 2008, so you can get the refund sooner.
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Stetzer Accounting Service
W23082 State Road 35
Trempealeau, WI 54661
Tel: 608 534 6558
Fax: 608 534 6316
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Tax Preparation
