Rules for 2009 Tax Credit

Andover, MA Real estate update -
Rules for the 2009 Tax Credit for First Time Home Buyers

Posted by Mark Gracy under For Buyers, For Sellers, General Information

Rules for 2009 Tax Credit for First Time Homebuyers

• Does NOT have to be repaid UNLESS the home is sold within 3 Years
• You must NOT have owned a home in the previous 3 Tax Years
• Available for homes purchased between 1/1/09 and 12/1/09
• You DO NOT qualify if: You are an individual with an adjusted gross income of 75K or higher, or, are married with a combined adjusted gross income of 150k or higher.
• Tax credit is for up to 10% of the purchase price up to a maximum of $8,000
• The Tax Credit can be taken on 2008 taxes even when the purchase is made in 2009.

Mark Gracy
mark@gracyteam.com
(office) 978-984-3107
(direct) 978-861-4016 tel & fax
AIM: markjgracy
www.GracyTeam.com
Keller Williams Realty
Serving The Andovers and Merrimack Valley MA