2009 Home Buyer Credit

2009 Home Buyer Credit 

First-time home purchaser’s get a tax credit and/or cash in their pockets.

This is the best stimulus bill, thus far, that has passed Congress in 2009. The homebuyer tax credit is one of 10 key provisions of the American Recovery and Reinvestment Act sign by President Obama into law on February 17, 2009. The bill provides for a $8,000 tax credit that would be available to first-time homebuyers, or those who have not owned a home in the last 3 years, for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser’s income tax liability. If any of the credit amount remains unused, the unused amount will be refunded as a check to the purchaser. 

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