Kimberly Brandon, CRS,GRI,SFRBroker/Owner
390 S Tyndall Parkway
Suite 103
Panama City, FL 32404
Phone: (850) 819-0995
smartmovesre@gmail.com
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First Time Home buyer Tax Credit
as of February 2009
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Feature
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Revised Credit-
Effective for purchases on
or after January 1, 2009 AND
Closed before December 1, 2009
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Amount of Credit
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Maximum credit amount - $8000
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Eligible Property
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Any Single family residence, including condos, co-ops, and townhouses
that will be used as a principal residence.
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Refundable
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Yes, Reduces or can eliminate your income tax
liability for the year of purchase. Any
unused amount of tax credit refunded to purchaser.
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Income Limit
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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)
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First-time Home buyer
Only
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Yes. Purchaser (and purchaser's spouse) may not have owned
a principal residence in three years previous to purchase
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Repayment
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No repayment for purchases on or after January 1, 2009
and closed before 1 December 2009
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Recapture
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If home is sold within three years of purchase
entire amount of credit is recaptured on sale.
Applies only to homes purchased in 2009.
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Termination
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1 December 2009
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Effective Date
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1 January 2009
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