First-Time Homebuyer Tax Credit

In an effort to bring current housing legislation and purchase incentives into sharp focus,  I’ll be sharing relevant information on my blog, information that is crucial to know and understand whether you’re a buyer or seller.  If you happen to be a first-time buyer, congratulations!!  There has never been a better time to purchase a home!  So, get pre-approved and call your Realtor for available properties! 

Regarding the First-Time Homebuyer Tax Credit, you need to know who is eligible to claim the credit. According to IRS Tax Form 5405:

In general, you can claim the credit if you are a first-time homebuyer.  You are considered a first-time homebuyer if….

1.  You purchased your main home, located in the United States, after 8 April 2008 and before 1 December 2009.

2.  You (and your spouse, if married) did not own any other main home during the 3-year period ending on the date of purchase.  If you constructed your main home, you are treated as having purchased it on the day you first occupied it.  (MAIN HOME–Your main home is the one you live in most of the time.  It can be a house, houseboat, housetrailer, cooperative apartment, condominium or other type of residence.  You can read more about this at www.matteroftax.org. 

As always, if you have questions regarding the tax consequences of your purchase call your accountant.  If you have questions regarding general real estate or activity within a particular community call me….Lisa Lethcoe / Coldwell Banker Lakeside Realtors 615.824.5920 x339 / 615.500.5740 cell.  Stay tuned!