$8000 First-Time Home Buyer Tax Credit
This credit will not only help many of our Oakland and Macomb County First-time homes buyers but will also help anyone who has not owed a home in the past 3 years.
The $8000 tax credit program can also be used with the Macomb County Neighborhood Stabilization Program when purchasing bank owned or foreclosed homes.
We have compiled a list below with information about the $8000 tax credit program taken in part from the National Association of REALTORS® website. ere is also a link to a podcast done by the NAR president explaining the details.
Guidelines for Home Buyer Tax Credit
- Maximum credit amount is $8000
- Purchases on or after Jan 1, 2009 - Dec 1, 2009 (next program starts Dec 1, 2009)
- Any principal residence. Includes condos, co-ops and townhouses
- Reduces income tax liability for year of purchase
- For individuals with AGI of no more than $75,000 ($150,000 joint return) Phases out above $95,000 and $170,000
- First-time home buyers (purchaser and purchasers spouse may not have owned a principal residence in the previous 3 years)
- No repayment for purchases on or after Jan 1, 2009 - Dec 1, 2009 If home is sold within 3 years of purchase entire amount of credit is recaptured
- Can be used with state/local revenue bond financing
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