Economic Stimulus for Summit County First Home Buyers

The federal government authorized a stimulus package that is a great opportunity for first time home buyer’s.  The American Recovery and Reinvestment Act of 2009 offers up to $8,000 for qualified first-time home buyers purchasing real estate as a principal residence on or after January 1, 2009 and before December 1, 2009. This is an incredible opportunity for Breckenridge and Summit County residents seeking to take advantage of the new real estate market condition.

$8,000 Home Buyer Tax Credit at a Glance

• The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

For more details on the 2009 tax credit, visit http://www.federalhousingtaxcredit.com/2009/faq.php

This entry was posted on Thursday, February 19th, 2009 at 11:18 am and is filed under Market News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.