NEW FIRST TIME HOME BUYER TAX CREDIT

I have had many calls and questions about the first time home buyer credit. This information was supplied by Jan Havill of Bank of America. Jan can be reached at 480.624.0392 Or janet.l.havill@bankofamerica.com

First‐time Homebuyer Tax Credit
Housing and Economic Recovery Act of 2008

First Time Home Buyer Credit
Amount of Credit
Ten percent of cost of home, not to exceed $8000
Eligible Property
Any single‐family residence (including condos, co‐ops) that will be used as a principal residence.
Benefits
For homes purchased in 2009, you must repay the credit only if the home ceases to be your main home within a 36-month period beginning on the purchase date.
Income Limit
Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000, respectively).
First‐time Homebuyer Only
Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.
Recapture
You must repay the credit ONLY if the home ceases to be your main home within the 36-month period beginning on the purchase date.
Effective Date
Purchases in the United States after January 1, 2009
Termination
December 1, 2009
Who Cannot Claim the Credit
Refer to IRS Form 5405 (revised 2-09) for exclusions.

“2009 is the Year of Recovery…..One Home at a Time!”
14648 N. SCOTTSDALE RD. SUITE 250 SCOTTSDALE, AZ 85254 480-624-0392
janet.l.havill@bankofamerica.com