FIRST-TIME HOMEBUYER TAX CREDIT
As Modified in the American Recovery and Reinvestment Act
Major Modifications Italicized
February 2009
CREDIT AS CREATED JULY 2008
APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008
REVISED CREDIT –
EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit
Lesser of 10 percent of cost of home or $7500
Maximum credit amount increased to $8000
Eligible Property
Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.
No change
All principal residences eligible.
Refundable
Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.
Purchasers will continue to receive refund for unused amount when tax return is filed.
Income Limit
Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).
Same income limits continue to apply.
First-time Homebuyer Only
Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.
Still available for first-time purchasers only. Three-year rule continues to apply.
Revenue Bond Financing
No credit allowed if home financed with state/local bond funding.
Purchasers who utilize revenue bond financing can use credit.
Repayment
Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.
No repayment for purchases on or after January 1, 2009 and before December 1, 2009
Recapture
If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.
If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
Termination
July 1, 2009
(But note program changes for 2009)
December 1, 2009
Effective Date
Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.
All revisions are effective as of January 1, 2009
Hats off for Francine Jeffers….
Francine Jeffers of Kelley & Rege Properties, Inc. (2008) Ambassador of the Boston Chapter(BIRC) of the International Association of Home Staging Professionals (IAHSP), and (2009) President Elect for the BIRC of IAHSP.
Has been helping dreams come true in helping others who need it!! Francine coordinating the entire Staging Project for WWSSD project - a homeless shelter for mothers and children in the heart of Boston - St. Margaret's Hospital in Dorchester
Barb Schwarz
The Creator of Home Staging
CEO Stagedhomes.com
Founder and President of The International IAHSP Association and Foundation
Author of "Home Staging, the Winning Way to Sell Your Home for More Money" and "Building a Successful Home Staging Business" both published by John Wiley, Inc
Said….
“Wow, what a breathtaking view!! Thank you for sharing. A beautiful day for a beautiful job well done of changing lives at that shelter!! I am so appreciative and proud of you and Francine for all of your hard work and efforts...I can't wait to see the final product in pictures and video!!”
“Thank YOU for helping my dream come true in helping others who need it!! Being able to give back is such a huge Blessing!! I am so grateful to you all for participating and I can't wait to see the stellar job you all do today!! YOU are changing lives for the better through ASP Staging!!”
A look at towns with the highest increase in houses sold in the 1st quarter of 2008 over the 1st quarter of 2007, with a minimum of 25 sales.
SOURCE: Warren Group
Best places to live
Best Places to Live: Top 100
By Kate Ashford, Andrea Bartz, Jeff Cox, Asa Fitch, Stephen Gandel, Josh Hyatt, Rob Kelley, Kathleen Knight, Joe Light, Ismat Sarah Mangla, Sarah Max, Jennifer Merritt, Brad Nelson, Donna Rosato, Ingrid Tharasook
7. Milton, Mass.
Population: 25,700Median home price (2006): $527,670Average property taxes (2006): $3,824Pros: Close to Boston; borders conservation landCons: Traffic, little commercial activityJust eight miles south of the heart of Boston, Milton borders the Blue Hills Reservation, a 7,000-acre park with hiking, swimming and skiing. Proximity to the city is what brings - and keeps - Milton residents where they are. Its loyal citizens do age, but even then they don't move. Milton boasts a diverse population, with minorities making up 30%. All six schools have recently been rebuilt, and the library is now expanding. East Milton Square is the town's Main Street, with coffee shops, a pizza place and a small grocery store. What's missing, most agree, is a destination eatery. See complete data and interactive map for MiltonFind homes for sale in Milton
Right now
may actually be
one of the best times
to buy a home. Consider
these facts:
Today’s interest rates are comparable to 40-year lows,
offering homebuyers a once-in-a-lifetime opportunity.
There are currently 3.75 million homes for sale.
We have had a record inventory of homes on the market
in recent months, offering consumers the greatest choice
in decades.
Contracts for home sales in August are up 4.3
percent1 and the outlook is for home prices to increase
next year.
Former Federal Reserve
Chair Alan Greenspan recently
said that housing prospects are looking
up. “Most of the negatives in housing are probably
behind us. The fourth quarter should be reasonably good,
certainly better than the third quarter.”2 According to
industry estimates, 2006 will be the third-best year on
record for home sales.3
Homeownership is a safe, secure way to build longterm
wealth. The national median price of homes bought
ten years ago has increased 88 percent.3 The number
of US households is expected to increase 15 percent
during the next decade, creating a continued high
demand for housing.4
Don ’t Delay
Now is a great time to buy or sell a home. Call 617-696-6100
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