H.R. 1: The American Recovery and Reinvestment Act of 2009
It was signed by President Obama yesterday...that famed Economic Stimulus Package that has overtaken the news lately is finally done. I will spare you the commentary and analysis of all the different provisions. I am here only to tell you about how this affects you, home owners, home buyers and home sellers in the Poconos.
Today I will discuss the Homebuyer Tax Credit, and hopefully be able to give you information on other facets of the Act that affect private property rights and homeownership later. However, if you are bored and can't wait for me to summarize for you, here is a nice handy list of the real estate related provisions of the Bill, outlining many of the grants, tax incentives and programs aimed at home owners, neighborhoods and local governments, provided by the National Association of REALTORS. Enjoy! :)
Find Out If You Have Been Stimulated!
So, without further ado, I present to you the checklist to see if you qualify for the 2009 Homebuyer Tax Credit. If,
___ You are a first time home buyer (have not owned a home in the past 3 years), and
___ Your adjusted gross income is less than $75,000 (single) or $150,000 (joint return), and
___ You purchase a primary residence between January 1, 2009, and December 31, 2009, then
You probably qualify for an income tax credit of 10% of the purchase price or $8,000, whichever is less. This tax credit IS refundable, so it could very well mean you will get more money back at tax refund time.
Another bonus, if you keep the home for 3 years or more, you will not have to repay this money back!
(This Tax Credit is similar to the $7,500 one passed last year, but with several major improvements. If you would like to compare them, read this.)
Please check with your accountant for detailed information on qualification for this tax credit and to discuss any other issues related to this. This post is for informational purposes and not meant as financial advice.
So, what are you waiting for? Find the perfect first home for you in the Pocono Mountains Association of REALTORS MLS / IDX Database, or contact me via email firstname.lastname@example.org or by phone 570.421.8950 ext. 394.
I <3 First Time Home Buyers!