First Time Homebuyers info for website 6-09

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					First-Time Homebuyer Credit – Purchases Made In 2009

The Housing and Economic Recovery Act of 2008 created a new refundable tax
credit, beginning in 2008, for individuals who are qualified first-time homebuyers
of a principle residence in the United States.

The American Recovery and Reinvestment Act of 2009 made changes to the
credit for qualified purchases made in 2009. The information in this Topic
explains the changes to the credit for 2009 purchases.

Rule Changes For 2009:

      Qualifying taxpayers who buy a home after December 31, 2008, and
       before December 1, 2009, can claim a first-time homebuyer credit of 10%
       of the home's purchase price, up to $8,000 ($4,000 for married filing
      Qualified 2009 homebuyers do not have to repay the credit, provided the
       home remains their main home for 36 months after the purchase date.
      Taxpayers who qualify for the 2009 credit can elect to claim the credit
       either on their 2008 tax return or on their 2009 tax return.
      Credit amounts are phased out when Modified adjusted gross income is
       between $150,000 – 170,000 married filing jointly, and, $75,000 – 95,000
       and you are not married filing jointly.
      Sale may not be between related parties.
      This must be your main home and in the USA.
      Two or more people may buy the home together and divide the credit in a
       reasonable manner.

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