Classifieds Advertisement Category: Services-16
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Phone: (804) 748-0396
Title: Free Tax Talks
Posted: Jul 21st, 2009
Service Category: Tax
Service Type: Offered
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Desc: ■ The tax credit is available for first-time home buyers (taxpayers who have not owned a principal
residence in the three years prior to the date of purchase).
■ The credit is 10% of the cost of the home, not to exceed $7,500 ($8,000 for 2009). The credit
is refundable, which means you’ll receive it even if you don’t owe any tax.
■ The credit is reduced for individuals with modified adjusted gross income (MAGI) between
$75,000 – $95,000 ($150,000 – $170,000 if married filing jointly), and is eliminated
for individuals with MAGI above those amounts.
■ Available for homes used as a principal residence and purchased on or after
April 9, 2008 and before December 1, 2009.
■ For homes purchased in 2008, the taxpayer can claim the credit when filing
the 2008 tax return.
■ For homes purchased on or after January 1, 2009 and before December 1, 2009,
the taxpayer may claim the credit on a 2008 or in 2009 tax return.
■ The tax credit for a home purchased in 2008 is similar to an interest-free
loan. It must be repaid over a 15 year period. Payments are made in 15 equal
installments starting in 2010. Generally, the credit must be repaid sooner
if the home is sold or no longer used as a principal residence before the
15-year period is up.
■ The credit for a home purchased in 2009 does not need to be repaid unless
the taxpayer sells the home or stops using it as a principal residence within
3 years of purchase. This applies whether the taxpayer claims the credit in
2008 or 2009.
getting everything you’re entitled to
The First-Time
Home Buyer Credit
3585
For more
information about
the Home Buyer
Credit go to www.
hrblock.com and
click on Tax Tips.
Your taxes are done.
Were they done correctly?
We found errors on 87% of returns prepared by
others. Let us see how much we can find for you.*
Second Look® review, only $29
*Error rates are for Second Look clients in calendar year 2007. Individual results will vary. Fees apply for Second Look reviews,
and if you have us prepare a corrected or amended return. At participating locations. ©2009 H&R Block Services, Inc.
taxtalks
First-Time Home Buyer Credit at a Glance.
Bermuda Square
12631 Jeff Davis
Chester, Virginia 804-748-0396
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